Does Saving Cause Borrowing? Implications for the Coholding Puzzle

• 成果类型: Article
• 署名作者: Medina, Paolina C.; Pagel, Michaela
• 署名单位: University of Houston System; University of Houston; Washington University (WUSTL); National Bureau of Economic Research; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13466
• 发表日期: 2025
• 页码: 2689-2738
• 关键词: transactions demand; credit; liquidity; Nudges; BEHAVIOR; poverty; FUTURE; need

摘要

Using an experiment in which 3.1 million bank customers were encouraged to save, we explore the mechanisms behind coholding liquid savings and credit card debt. Theoretically, we show that the joint responses of spending, saving, and borrowing to the nudge differ across economic models of coholding. Using machine learning techniques, we find that the most responsive individuals reduce spending and increase savings by 4.9% (206 USD PPP per month) while their credit card debt remains unchanged. These individuals' marginal responses to the nudge are consistent with our model of coholding for the purpose of self- or partner-control.