Credit Rationing and Private Transfers: Evidence from Survey Data
Credit Rationing and Private Transfers: Evidence from Survey Data
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信贷配给和私人转移：调查数据的证据
DOI：
10.2307/2109352
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发表时间：
1990
期刊：
影响因子：
--
通讯作者：
T. Jappelli
中科院分区：
文献类型：
--
作者：
Donald Cox;T. Jappelli
本文研究了信贷配给与私人代际转移之间的关系。这项研究的动机是，私人转账可能是难以从金融中介机构借款的消费者的一种资金来源。这一观点对消费者行为有着重要的影响，经济学家已经开始思考它，但他们很少给予实证关注。利用1983年的消费者财务调查，我们发现私人转移确实倾向于针对面临信贷配给的消费者。但我们也发现，即使考虑到私人转移的可能性，很大一部分美国消费者的流动性也受到限制。
This paper investigates the connection between credit rationing and private intergenerational transfers. The research is motivated by the idea that private transfers may be a source of funds for consumers who have difficulty borrowing from financial intermediaries. This idea has important implications for consumer behavior, and economists have begun to think about it, but they have given it little empirical attention. Using the 1983 Survey of Consumer Finances, we find that private transfers do tend to be targeted toward consumers who face credit rationing. But we also find that a substantial fraction of U.S. consumers are liquidity-constrained even if one allows for the possibility of private transfers.