The Brazilian Payroll Lending Experiment
研究了2003年巴西一项允许银行通过自动工资扣款提供贷款的法律，该法律将未来收入转化为抵押品，导致个人贷款利率下降、信贷规模增加。
In December 2003, the Brazilian Congress passed a law that led to a natural personal lending experiment. The law allows banks to offer loans with repayment through automatic payroll deduction, which, in effect, turns future income into collateral. We estimate the impact of the new law using auto loans as a control group. The law has caused a reduction in interest rates and an increase in the volume of personal credit. © 2012 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.