In Harm's Way? Payday Loan Access and Military Personnel Performance
利用空军人员跨州调动的外生变化和州内贷款法律变动，研究发现发薪日贷款获取会降低军人工作表现和留任率，增加严重战备不足，对经验少和金融素养低的士兵影响最大。
Does borrowing at 400% APR do more harm than good? The U.S. Department of Defense thinks so and successfully lobbied for a 36% APR cap on loans to servicemen. But existing evidence on how access to high-interest debt affects borrowers is inconclusive. We estimate effects of payday loan access on enlisted personnel using exogenous variation in Air Force rules assigning personnel to bases across the United States, and within-state variation in lending laws over time. Airmen job performance and retention declines with payday loan access, and severely poor readiness increases. These effects are strongest among relatively inexperienced and financially unsophisticated airmen.