Is there Ethnic Discrimination in the UK Market for Small Business Credit?
分析英国小企业财务调查数据，发现贷款拒绝率和利率差异可由非种族风险因素解释，但种族影响企业主申请贷款的意愿，暗示存在对种族歧视的误解。
A large-scale survey of UK small business finances is analysed for evidence of ethnic discrimination in the credit market. A summary analysis of credit outcomes (loan denials , loan interest rates and discouragement) reveals large differences across ethnic groups with Black and Bangladeshi businesses, in particular, experiencing poorer outcomes than White and Indian businesses. Econometric analysis indicates that ethnic differencs in denial rates and interest rates can be explained by variations in non-ethnic risk factors such as missed loan repayments and overdraft excesses. This suggests there is no ethnic discrimination in credit markets. However, ethnicity appears to influence whether business owners felt discouraged from applying for loans even after controlling for differences in loan application costs and risk. This suggests some ethnic groups may be affected by misperceptions of ethnic discrimination. The implications of these findings for UK policy are discussed.