Unsecured Credit Supply, Credit Cycles, and Regulation
利用20多万份信用卡邮寄邀约数据，研究CARD法案前后无担保信贷供给的动态变化，发现法案导致银行减少对非优质借款人的信用卡供给，凸显了评估监管意外后果时需区分供给与需求反应。
This paper explores the dynamics of unsecured credit supply over the recent credit cycle and around the passage of the CARD Act. We examine a unique data set of over 200, 000 credit card mail solicitations to a representative sample of households and introduce credit card offers as a direct, informative measure of supply of such credit. Contrasting personal credit card offer dynamics before and after the passage of the CARD Act with those of personal loans, auto loans, and corporate credit cards, we find that lenders reduced credit supply of personal credit cards to nonprime borrowers in response to the CARD Act. Our analysis highlights the importance of separately examining supply and demand responses to assess the unintended consequences of regulation. Received January 30, 2016; editorial decision August 9, 2017 by Editor Philip Strahan.