Liquidity Constraints and Credit Card Delinquency: Evidence from Raising Minimum Payments
利用信用卡数据，研究发现提高最低还款额导致违约借款人还款不足，治愈率下降、坏账增加，借款人减少消费并增加还款，银行利息收入降低。
We use credit card data to estimate the impact of increasing minimum payments on delinquency, payments, spending, and write-offs. Our identification strategy exploits an unusual institutional feature: Borrowers can use their account to make purchases with both revolving loans (on which minimum payments increased) and term loans (on which there was no change). Payment increases by delinquent borrowers are insufficient to match increasing minimums, resulting in lower cure rates and an increase in write-offs. Affected borrowers migrate away from these accounts by decreasing charges and increasing payments, consequently lowering the interest earned by the bank.