Spillover Effects of the Opioid Epidemic on Consumer Finance
研究了阿片类药物滥用对次级汽车贷款的影响，发现县级滥用增加导致贷款违约上升，且传统信用评分无法预测相关恶化，使受影响地区借款人多付5.7%的贷款成本。
Abstract I examine the impact of the opioid epidemic on subprime auto lending. Using a difference-in-differences framework, I find that county-level increases in opioid abuse cause an increase in loan defaults. Moreover, I find that traditional credit scoring attributes (e.g., FICO score) fail to predict loan performance deterioration associated with opioid addiction. The weak predictive performance of traditional credit measures and the resulting higher default rates generate a negative externality for borrowers in opioid-afflicted areas, as evidenced by 5.7% higher loan costs for subprime borrowers.