Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/300478 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
Staff Report No. 1099
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
Increasing personal bankruptcy protection raises consumers' desire to borrow and lenders' cost of extending credit; the impact on equilibrium borrowing is ambiguous. Using bankruptcy protection changes between 1999 and 2005 across U.S. states, we find that borrowers respond to greater protection by increasing their unsecured debt. Border county estimates suggest that local economic conditions do not drive these results. Borrowers pay more for protection through higher interest rates, yet delinquency is unaffected. Remarkably, our results indicate that rising borrower demand outstripped decreasing supply. Increased protections did not reduce the aggregate level of household debt but affected the composition of borrowing.
Schlagwörter: 
bankruptcy
debt
credit card
delinquency
JEL: 
D14
D18
H81
G33
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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