穿透不透明性：正常时期与COVID-19危机期间的关系型借贷与面向消费者及小企业的信用卡放贷

中文摘要

我们在关系型借贷与交易型借贷之间架起了一座桥梁——研究关系对信用卡（一种相对纯粹的交易型借贷技术）合约条款的影响。利用超过100万个账户，我们发现，在正常时期，具有关系的消费者获得了更优的条款，但具有关系的小企业并未如此。在COVID-19期间，两个群体都获得了改善的条款，这与跨期平滑相一致——关系型借款人在危机期间获得了更优惠的条款，而这由正常时期较差的条款作为代价。在其他发现中，《CARES法案》中旨在保护客户、限制向征信机构报告消费者拖欠行为的条款，降低了信用评分的信息价值，从而惩罚了更安全的消费者。

Abstract

We build a bridge between relationship lending and transactions lending—investigating relationship effects on contract terms for credit cards, a relatively pure transactions-lending technology. Using more than 1 million accounts, we find that during normal times, consumers with relationships obtain better terms but small businesses with relationships do not. Both groups obtain improved terms during COVID-19, consistent with intertemporal smoothing—relationship borrowers obtain more favorable terms during crises, paid for by worse terms in normal times. Among other findings, CARES Act impediments to reporting consumer delinquencies to credit bureaus, designed to protect customers, reduced informational value of credit scores, penalizing safer consumers.