Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane Harvey
利用哈维飓风后信用卡、抵押贷款和洪水的精细数据，研究发现受灾家庭主要通过低息促销信用卡借款并迅速还款，同时房贷宽限使用增加，表明信贷替代了物理加固的不足。
Abstract We study household credit responses to Hurricane Harvey using new, geographically granular data on credit cards, mortgages, and flooding. Estimates from a differences-in-differences design that exploits the flooding gradient show that affected households only borrow at low-interest rates, often using promotional (zero interest) cards and that they quickly pay down balances. We also document that take-up of forbearance (borrowing by missing mortgage payments without penalty) increases with flooding. These results are attenuated in floodplains, particularly in structures subject by code to physical hardening. Our results indicate that credit acts as a substitute for the lack of physical hardening.