Thy Neighbor’s Misfortune: Peer Effect on Consumption
利用新加坡信用卡和借记卡交易数据，研究发现同楼邻居破产后，其他住户的月消费在一年内下降3.4%，且该效应在相邻楼栋或社交联系减弱时消失，表明消费冲击存在显著的社会乘数效应。
Using a large, representative sample of credit and debit card transactions in Singapore, this paper studies the consumption response of individuals whose same-building neighbors experienced personal bankruptcy. The unique bankruptcy rules in Singapore suggest liquidity shocks drive personal bankruptcy decisions, leading to a substantial drop in consumption for the bankrupt. Peers’ monthly card consumption decreases by 3.4 percent over the 1-year postbankruptcy period. There exists no consumption decrease among individuals in immediately adjacent buildings nor for consumers with diminished postevent social ties with the bankrupt. The findings imply a significant social multiplier effect of 2.8 times the original consumption shock.