Consumer Default, Credit Reporting, and Borrowing Constraints
利用秘鲁银行监管和货币波动，研究发现因运气不佳导致信用评级下调的消费者会经历长达三年的融资减少，且信用报告降级本身解释了后续几年借贷下降的25%至65%。
ABSTRACT Why do negative credit events lead to long‐term borrowing constraints? Exploiting banking regulations in Peru and utilizing currency movements, we show that consumers who face a credit rating downgrade due to bad luck experience a three‐year reduction in financing. Consumers respond to the shock by paying down their most troubled loans, but nonetheless end up more likely to exit the credit market. For a set of borrowers who experience severe delinquency, we find that the associated credit reporting downgrade itself accounts for 25% to 65% of their observed decline in borrowing at various horizons over the following several years.