Liquidity Constraints, Consumption, and Debt Repayment: Evidence from Macroprudential Policy in Turkey
利用土耳其一家大型银行的账户级信用卡数据，研究提高最低还款额的信用卡政策如何减少消费和债务、促进还款并降低违约，对政策制定者和金融监管者有参考价值。
Abstract Using account-level credit card data from a large Turkish bank, we study the impact of a unique credit card policy that increases minimum payment on consumption and debt repayment. We show that the policy reduces credit card spending and debt, boosts existing debt repayment, and reduces credit card delinquency. The credit card debt of affected consumers falls on average by 50$\%$ two years into the policy’s implementation. An increase in minimum payment has a stronger effect than does a decrease of a similar magnitude. We build a benchmark life cycle model with soft liquidity constraint to explain the reduction in credit card spending. 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.