The Effect of Government Regulations on Personal Loan Markets: A Tobit Estimation of a Microeconomic Model
用微观经济模型和州级非汇总数据，分析政府监管对高风险个人贷款市场的影响，发现监管效果显著且与理论一致。
ABSTRACT The purpose of this paper is to analyze both theoretically and empirically the effect of selected government regulations on a high‐risk personal loan market. Unlike previous studies, which have generally relied on a loosely specified theory and then tested this theory with statewide aggregate data, our analysis is based on a more tightly specified model for individual loans which is then tested using statewide disaggregated data. The empirical results indicate that the regulatory effects are not only significant but consistent with our theoretical microeconomic model.