We examine the effect of the U.S. Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 on the credit card lending rate pass-through. Our findings show that the Act had no impact on the long-term relationship between the lending rate and funding costs. However, in the short-term, banks were quicker to raise rates in response to an increase in funding costs after the implementation of the CARD Act. Our study shows that financial regulations can have unintended consequences.

中文翻译：

---

金融监管对信用卡贷款利率粘性的影响：来自美国的证据

我们研究了2009年美国信用卡问责制责任和披露（CARD）法案对信用卡借贷利率传递的影响。我们的调查结果表明，该法案对贷款利率和融资成本之间的长期关系没有影响。但是，在短期内，在实施《 CARD法案》后，银行加快了利率以应对资金成本的增加。我们的研究表明，金融法规可能会产生意想不到的后果。