Bankruptcy: Is It Enough to Forgive or Must We Also Forget?
研究了限制贷款人获取借款人过去违约信息的法规，分析了其对借款人激励和信贷获取的影响，并识别了该法规改善福利的条件。
In many countries, lenders are restricted in their access to information about borrowers' past defaults. We study this provision in a model of repeated borrowing and lending with moral hazard and adverse selection. We analyze its effects on borrowers' incentives and credit access, and identify conditions under which it is welfare improving. Our model's predictions are consistent with the evidence on the impact of these credit bureau regulations on borrowers' and lenders' behavior as well as on credit provision. We also show that “forgetting” must be the outcome of a regulatory intervention.