Do payday lending bans protect or constrain regional economies? Evidence from the Military Lending Act's final rule

IF 1.7 4区经济学 Q2 ECONOMICS

Contemporary Economic Policy Pub Date : 2023-12-30 DOI:10.1111/coep.12636

Craig Wesley Carpenter, Kristopher Deming, John Anders, Michael Lotspeich-Yadao, Charles M. Tolbert, Adam Ingrao

引用次数: 0

Abstract

The 2007 Military Lending Act attempted to ban high-interest loans to U.S. military members and the 2017 “Final Rule” further restricted access, causing regional shocks in payday lending exposure in counties with a military base. Difference-in-differences and dynamic estimators provide mixed evidence on the effect of this payday lending access shock on regional economic outcomes and local business outcomes. However, we consistently find statistically significant reduced entry and exit of firms. Given payday lenders congregate around low-income and minoritized populations analogously to how they congregated around military bases, these results provide policy implications for more general usury bans.

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发薪日贷款禁令是保护还是限制了地区经济？来自《军事借贷法》最终规则的证据

2007 年的《军事借贷法案》试图禁止向美国军人提供高息贷款，而 2017 年的 "最终规则 "则进一步限制了发薪日借贷的准入，从而对拥有军事基地的县的发薪日借贷风险造成了区域性冲击。差分法和动态估计法提供了发薪日贷款准入冲击对地区经济成果和地方商业成果影响的不同证据。然而，我们一致发现，企业的进入和退出在统计上显著减少。鉴于发薪日贷款机构聚集在低收入和少数民族人口周围，就像他们聚集在军事基地周围一样，这些结果为更普遍的高利贷禁令提供了政策含义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Contemporary Economic Policy Multiple-

CiteScore

3.10

自引率

6.70%

发文量

期刊介绍： Contemporary Economic Policy publishes scholarly economic research and analysis on issues of vital concern to business, government, and other decision makers. Leading western scholars, including three Nobel laureates, are among CEP"s authors. The objectives are to communicate results of high quality economic analysis to policymakers, focus high quality research and analysis on current policy issues of widespread concern, increase knowledge among economists of features of the economy key to understanding the impact of policy, and to advance methods of policy analysis.