Fines and Financial Wellbeing
利用行政交通罚单记录和信用报告面板数据，研究发现平均195美元的罚款导致未付账单增加34美元，并带来信用评分下降、借贷额度减少和就业前景恶化等长期影响。
Abstract While survey evidence suggests widespread financial fragility in the U.S., causal evidence on the implications of typical, negative income shocks is scarce. I estimate the impact of speeding fines on household finances using administrative traffic citation records and a panel of credit reports. Event studies reveal that fines averaging $195 are associated with a $34 increase in unpaid bills in collections. Given additional evidence that fine payment explains this effect and that default is the “last resort” for households, I interpret this finding as suggesting rates of inability to meet unplanned expenses which are consistent with the survey evidence. I also find that fines are associated with longer-run declines in credit scores, borrowing limits, and the likelihood of appearing as employed in payroll records covering a subset of large, high-paying employers. This impact on employment situations appears attributable to the diminished financial position of households rather than, e.g. downstream license suspensions.