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Real Effects of Search Frictions in Consumer Credit Markets
The Review of Financial Studies ( IF 8.414 ) Pub Date : 2022-11-24 , DOI: 10.1093/rfs/hhac088 Bronson Argyle, Taylor Nadauld, Christopher Palmer
The Review of Financial Studies ( IF 8.414 ) Pub Date : 2022-11-24 , DOI: 10.1093/rfs/hhac088 Bronson Argyle, Taylor Nadauld, Christopher Palmer
We show that search frictions in credit markets affect accepted interest rates and loan sizes and distort consumption. Using data on car loan applications and originations not intermediated by car dealers, we isolate quasi-exogenous variation in both the costs and benefits to searching for credit. After identifying lender-specific policies that price risk discontinuously, we study the differential response to offered interest rates by borrowers who face high and low search costs. High-search-cost borrowers are 10% more likely to accept loan offers with higher markups, consequently originating smaller loans and purchasing older and less expensive cars than lower-search-cost borrowers.
中文翻译:
消费信贷市场中搜索摩擦的实际影响
我们表明,信贷市场中的搜索摩擦会影响可接受的利率和贷款规模并扭曲消费。使用未经汽车经销商中介的汽车贷款申请和发放数据,我们隔离了寻找信贷的成本和收益的准外生变化。在确定了不连续地为风险定价的贷方特定政策之后,我们研究了面临高搜索成本和低搜索成本的借款人对提供的利率的不同反应。与搜索成本较低的借款人相比,搜索成本较高的借款人接受加价更高的贷款提议的可能性要高 10%,因此他们会发放较小的贷款并购买较旧且价格较低的汽车。
更新日期:2022-11-24
中文翻译:
消费信贷市场中搜索摩擦的实际影响
我们表明,信贷市场中的搜索摩擦会影响可接受的利率和贷款规模并扭曲消费。使用未经汽车经销商中介的汽车贷款申请和发放数据,我们隔离了寻找信贷的成本和收益的准外生变化。在确定了不连续地为风险定价的贷方特定政策之后,我们研究了面临高搜索成本和低搜索成本的借款人对提供的利率的不同反应。与搜索成本较低的借款人相比,搜索成本较高的借款人接受加价更高的贷款提议的可能性要高 10%,因此他们会发放较小的贷款并购买较旧且价格较低的汽车。