When Your Word Is Not Enough: Race, Collateral, and Household Credit
利用1918/19年BLS消费者购买调查数据，发现黑人家庭比白人家庭更频繁使用分期付款信贷，而较少使用商户信贷；经济特征可解释分期付款的种族差异，但无法解释商户信贷差异，原因在于分期付款的抵押品回收机制克服了商户的种族偏见。
Black families included in the 1918/19 BLS Consumer Purchases Survey used installment credit more frequently and merchant credit less frequently than White families. Economic and demographic characteristics explain the racial difference for installment but not for merchant credit. I argue greater demand for installment credit by Black families was satisfied because repossession of collateral upon buyer default overcame merchants' personal prejudice with regard to creditworthiness, but absence of tangible collateral impacted the availability of merchant credit. Low use of merchant credit can account for relatively high interwar saving rates for low-income Black families.