The Labor Market Effects of Credit Market Information

• 成果类型: Article
• 署名作者: Bos, Marieke; Breza, Emily; Liberman, Andres
• 署名单位: Stockholm School of Economics; Swedish House of Finance; Harvard University; National Bureau of Economic Research; New York University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhy006
• 发表日期: 2018
• 页码: 2005
• 关键词: bankruptcy

摘要

We exploit a natural experiment to provide one of the first measurements of the causal effect of negative credit information on employment and earnings. We estimate that one additional year of negative credit information reduces employment by 3 percentage points and wage earnings by $1,000. In comparison, the decrease in credit is only one-fourth as large. Negative credit information also causes an increase in self-employment and a decrease in mobility. Further evidence suggests this cost of default is inefficiently borne by those most creditworthy among previous defaulters.