Unsecured credit markets are not insurance markets

• 成果类型: Article
• 署名作者: Athreya, Kartik; Tam, Xuan S.; Young, Eric R.
• 署名单位: University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - Richmond
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.08.005
• 发表日期: 2009
• 页码: 83-103
• 关键词: Risk sharing; asymmetric information; bankruptcy; default

摘要

We study the extent to which unsecured credit markets have altered the transmission of increased income risk to consumption variability over the past several decades. We find that unsecured credit markets pass through increased income risk to consumption, irrespective of bankruptcy policy and the information possessed by lenders. If risk sharing has indeed improved over this period, the reasons do not therefore lie in the unsecured credit market. (C) 2008 Elsevier B.V. All rights reserved.