CREDIT CRUNCHAND INSURANCE CONSUMPTION: THE AFTERMATHOF THE SUBPRIME MORTGAGE CRISIS
利用2007-2012年美国车险保费数据，发现次贷危机后消费者保险购买减少超出风险暴露损失预期，汽车贷款紧缩和住房净值恶化是主因。
Abstract Using cross‐state panel data of the U.S. personal auto insurance premiums from 2007 to 2012, this study provides evidence that consumer purchases of insurance were reduced by more than expected from losses of risk exposure during and after the subprime mortgage crisis. Analyses show that the credit crunch of auto loans and a deterioration of net worth in housing resulting from the bursting housing bubble contributed to the reduced consumption of auto insurance. This result is robust even after controlling for associated factors, such as the insurance price, personal spending on vehicles, and general consumption. These findings provide evidence for a real effect of the financial crisis.