The Effects of Mortgage Credit Availability: Evidence from Minimum Credit Score Lending Rules
American Economic Journal: Economic Policy · 2022 · Steven M. Laufer、Andrew D. Paciorek
中文摘要
本文利用抵押贷款机构最低信用评分门槛的变化，可信地识别家庭信贷可获得性的影响。降至这些门槛以下对借款产生非常大的负面效应，且持续长达两年，这些效应在四年内未能逆转。这些效应尤其集中于信贷需求相对较高、且面临信贷供给相对较大收缩的个体。此外，获得新的抵押信贷降低了非抵押债务的拖欠，并且似乎溢出到对汽车贷款的需求。（JEL G21, G51, R21）
Abstract
This paper uses changes in mortgage lenders’ minimum credit score thresholds to credibly identify the effects of access to household credit. Falling under these thresholds has very large negative effects on borrowing for up to two years, and these effects fail to reverse within four years. The effects are particularly concentrated among individuals who have relatively high credit demand and face relatively large contractions in credit supply. In addition, access to new mortgage credit reduces delinquency on nonmortgage debt and appears to spill over to demand for auto loans. (JEL G21, G51, R21)