Personal Bankruptcy and Credit Market Competition
研究了美国银行监管放松如何通过增加市场竞争，推动银行采用先进信用评级技术，从而扩大信贷供给并解释至少10%的个人破产率上升。
ABSTRACT We document a link between U.S. credit supply and rising personal bankruptcy rates. We exploit the exogenous variation in market contestability brought on by banking deregulation—the relaxation of entry restrictions in the 1980s and 1990s—at the state level. We find deregulation explains at least 10% of the rise in bankruptcy rates. We also find that deregulation leads to increased lending, lower loss rates on loans, and higher lending productivity. Our findings indicate that increased competition prompted banks to adopt sophisticated credit rating technology, allowing for new credit extension to existing and previously excluded households.