What Determines Consumer Financial Distress? Place- and Person-Based Factors
利用信用报告数据研究美国消费者财务困境的区域差异，通过分析搬家者的行为发现，催收和违约主要受个人特质影响，而个人破产则受地方法律因素显著影响。
Abstract We use credit report data to study consumer financial distress in America. We report large, persistent disparities in financial distress across regions. To understand these patterns, we conduct a “movers” analysis. For collections and default, there is only weak convergence following a move, suggesting these types of distress are not primarily caused by place-based factors (e.g., local economic conditions and state laws) but instead reflect person-based characteristics (e.g., financial literacy and risk preferences). In contrast, for personal bankruptcy, we find a sizable place-based effect, which is consistent with anecdotal evidence on how local legal factors influence personal bankruptcy. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.