COVID-19 时代的经济政策对英国消费者债务的影响

IF 3.3 Q1 BUSINESS, FINANCE
Mingli Zhong , Breno Braga , Signe-Mary McKernan , Mark Hayward , Elizabeth Millward , Christopher Trepel
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引用次数: 0

摘要

我们研究了大流行病期间通用信贷扩张和抵押贷款延期对英国居民财务状况的影响。利用 200 万英国消费者的匿名个人消费者金融数据(每个消费者在大流行病发生前都有一个或多个拖欠账户),我们发现,从 2019 年 10 月(5497 英镑)到 2021 年 12 月(6456 英镑),平均非抵押贷款债务增加了 17%。利用差分法,我们发现政策对人们背负债务的影响好坏参半。尽管扩大通用信贷的范围旨在帮助经济脆弱的家庭,但在政策扩大后,更有可能从通用信贷的扩大中受益的消费者所承担的非抵押贷款债务总额增加了 1%。相比之下,在抵押贷款延期偿还期间,抵押贷款持有者的非抵押贷款债务总额比非抵押贷款持有者少 1%。这些结果表明,英国实施的保护经济弱势家庭的政策不足以防止受益人在大流行病期间积累更多债务。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Impacts of COVID-19-era economic policies on consumer debt in the United Kingdom

We examine the effects of the Universal Credit expansion and mortgage forbearance on the financial well-being of United Kingdom (UK) residents during the pandemic. Using anonymized individual-level consumer financial data on 2 million UK consumers, each with one or more defaulted accounts accrued before the pandemic, we found that average nonmortgage debt increased by 17% from October 2019 (£5497) to December 2021 (£6456). Using a difference-in-difference approach, we found mixed policy impacts on the debt people carried. Although the expansion of Universal Credit was intended to help financially vulnerable families, consumers who were more likely to benefit from the Universal Credit expansion took on 1% more total nonmortgage debt after the policy expansion. By contrast, during the period of mortgage forbearance, mortgage holders accumulated 1% less total nonmortgage debt compared to nonmortgage holders. These results suggest that policies implemented in the UK to protect financially vulnerable families were insufficient to prevent beneficiaries from accumulating additional debt during the pandemic.

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来源期刊
CiteScore
6.20
自引率
2.60%
发文量
31
期刊介绍: Journal of Economics and Business: Studies in Corporate and Financial Behavior. The Journal publishes high quality research papers in all fields of finance and in closely related fields of economics. The Journal is interested in both theoretical and applied research with an emphasis on topics in corporate finance, financial markets and institutions, and investments. Research in real estate, insurance, monetary theory and policy, and industrial organization is also welcomed. Papers that deal with the relation between the financial structure of firms and the industrial structure of the product market are especially encouraged.
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