对速度的需求：另类金融服务边际上的需求、监管与福利
The Need for Speed: Demand, Regulation, and Welfare on the Margin of Alternative Financial Services
Review of Economics and Statistics · 2023 · [{"name": "Ryan C. McDevitt", "affiliation": ["Duke University"]}, {"name": "Aaron Sojourner", "affiliation": ["W.E. Upjohn Institute for Employment Research"]}]
中文摘要
摘要 我们利用一家银行支票兑现费用的一次非线性下降，以及受监管支票清算时间的变化，来识别账户持有人选择兑现支票而非存入支票的需求弹性。我们发现，支票清算时间每增加一天，会使账户持有人兑现支票而非存入支票的可能性提高65.5%，这意味着他们愿意为更快获得资金每天支付11.17美元——对于平均支票而言，这相当于11,054%的有效年化贴现率。我们利用这一弹性评估了近期关于强制缩短支票清算时间的提议。
Abstract
Abstract We use a nonlinear reduction in a bank’s check-cashing fees and variation in regulated check-clearing times to identify the elasticity of demand for cashing checks rather than depositing them. We find that an extra day of check-clearing time makes account holders 65.5% more likely to cash a check than deposit it, which implies they are willing to pay $11.17 per day for faster access to their funds—an effective annualized discount rate of 11,054% for the average check. We use this elasticity to evaluate recent proposals that mandate faster check-clearing times.