High‐Cost Credit and Consumption Smoothing
研究发现，高成本发薪日贷款能帮助家庭在遭遇极端天气等临时财务困境后，缓解总体支出和非耐用品支出的下降，尤其对低收入、低储蓄的家庭作用更明显。
Abstract In this paper, I show that high‐cost credit helps households smooth consumption following periods of temporary financial distress. After experiencing distress—that is, extreme weather events—I find that access to high‐cost payday lending mitigates declines in overall spending and nondurable goods spending generally. The results are particularly concentrated among households with a higher propensity to use payday credit or that have limited alternatives: lower income households, households with less than a college degree, and households with low levels of saving. These results highlight the consumption‐smoothing role that high‐cost credit plays for households with limited access to other types of credit.