Bankruptcy: Is It Enough to Forgive or Must We Also Forget?

• 成果类型: Article
• 署名作者: Elul, Ronel; Gottardi, Piero
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; European University Institute; Universita Ca Foscari Venezia
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
• ISSN/ISSBN: 1945-7669
• DOI: 10.1257/mic.20130139
• 发表日期: 2015
• 页码: 294-338
• 关键词: credit markets; reputation; INFORMATION; countries

摘要

In many countries, lenders are restricted in their access to information about borrowers' past defaults. We study this provision in a model of repeated borrowing and lending with moral hazard and adverse selection. We analyze its effects on borrowers' incentives and credit access, and identify conditions under which it is welfare improving. Our model's predictions are consistent with the evidence on the impact of these credit bureau regulations on borrowers' and lenders' behavior as well as on credit provision. We also show that forgetting must be the outcome of a regulatory intervention.