THE BRAZILIAN PAYROLL LENDING EXPERIMENT

• 成果类型: Article
• 署名作者: Coelho, Christiano A.; De Mello, Joao M. P.; Funchal, Bruno
• 署名单位: Pontificia Universidade Catolica do Rio de Janeiro
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00228
• 发表日期: 2012-11
• 页码: 925-934
• 关键词: finance; GROWTH; MARKETS

摘要

In December 2003, the Brazilian Congress passed a law that led to a natural personal lending experiment. The law allows banks to offer loans with repayment through automatic payroll deduction, which, in effect, turns future income into collateral. We estimate the impact of the new law using auto loans as a control group. The law has caused a reduction in interest rates and an increase in the volume of personal credit.