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Regulatory Interventions in Consumer Financial Markets: The Case of Credit Cards

机译：消费金融市场的监管干预：以信用卡为例

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摘要

We build a framework to understand the effects of regulatory interventions in credit markets, such as caps on interest rates. We focus on the credit card market, in which we observe US consumers borrowing at high and very dispersed interest rates despite receiving many credit card offers. Our framework includes two main features to account for these patterns: the endogenous effort of examining offers and product differentiation. Our calibration suggests that most borrowers examine few of the offers they receive, and thereby forego cards with low interest rates and high non-price benefits. The calibrated model implies that interest-rate caps reduce credit supply and significantly curb lenders' market power, thereby increasing consumer surplus. Moderate caps may yield larger gains in consumer surplus than tighter ones.
机译：我们建立一个框架来理解的影响信贷市场的监管干预,这样利率上限。信用卡市场,我们观察美国消费者借款在高和非常分散的利益率尽管收到许多信用卡提供。我们的框架包括两个主要功能占这些模式:内生的努力检查提供和产品差异化。我们的校准表明大部分借款人检查提供的一些他们接收,从而与低利率和放弃卡片高非价格的好处。意味着减少信贷利率上限供应和显著抑制银行的市场力量,从而增加消费者剩余。适度限制消费者可能产生更大的收益比严格的盈余。

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  • 1. Zhang credit card [P] . 外国专利： KR970026690U . 1997-07-24

    机译：Zhang credit card

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