Consumer durables and risky borrowing: The effects of bankruptcy protection
Consumer durables and risky borrowing: The effects of bankruptcy protection
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耐用消费品和高风险借贷：破产保护的影响
DOI：
10.1016/j.jmoneco.2008.09.009
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发表时间：
2008
影响因子：
4.1
通讯作者：
Marina Pavan
中科院分区：
文献类型：
--
作者：
Marina Pavan
美国各州破产保护的慷慨程度存在很大差异。本文利用豁免水平的跨州变化来评估耐用品作为无担保债务的非正式抵押品和针对收益不良冲击的自我保险的双重作用。破产保护的慷慨被发现改变了家庭积累持久财富的动机和能力。高保险水平带来的收益会因信贷紧缩的影响而减少，因此免税额变化的净影响非常小。更宽松的破产法规会减少生命周期前半期的净耐用财富。此外，最优免税水平为正，但较低。
There exist substantial differences in the generosity of bankruptcy protection across U.S. states. This paper exploits cross-state variation in exemption levels to assess the dual role of durable goods as informal collateral for unsecured debt and self-insurance against bad shocks to earnings. The generosity of bankruptcy protection is found to change both the incentives and the ability of households to accumulate durable wealth. The gains from a high level of insurance are reduced by the effect of tighter credit constraints, so that the net effects of a change in exemption are very small. A more generous bankruptcy regulation reduces net durable wealth in the first half of the life cycle. In addition, the optimal level of exemption is positive but low.