Minimum Wages and Consumer Credit: Effects on Access and Borrowing
研究最低工资如何影响消费信贷市场，发现提高最低工资增加了无担保信贷供给、减少了发薪日贷款、降低了违约率并提高了信用评分，最终降低借贷成本并增加可支配收入。
Abstract This paper examines how minimum wages affect lender and borrower interactions with consumer credit markets. We find that higher state minimum wages increase the supply of unsecured credit, reduce payday loan usage, decrease delinquency, and increase credit scores. Overall, minimum wages reduce borrowing costs and have positive spillover effects on disposable income and liquidity. A back-of-the-envelope of the cost savings indicates that higher minimum wages increase disposable income by 1.3% more than implied by estimates of the direct effect on earnings.