Responses to an anticipated increase in cash on hand: Evidence from term loan repayments

被引：1
|
作者：
d'Astous, Philippe [1 ]
机构：
[1] HEC Montreal, 3000 Chemin Cote St Catherine, Montreal, PQ H3T 2B1, Canada
来源：
JOURNAL OF BANKING & FINANCE | 2019年 / 108卷
关键词：
LIQUIDITY CONSTRAINTS; CONSUMPTION RESPONSE; MORTGAGE PAYMENT; INCOME CHANGES; CREDIT; DEBT; BEHAVIOR;
D O I：
10.1016/j.jbankfin.2019.105649
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
I use account-level credit card and term loan data to analyze consumers' responses to anticipated increases in cash on hand following term loan run-offs. Financial constraints are elicited using past credit card payment behavior and can explain the response of credit card but not term loan expenditure: unconstrained consumers are 23% more likely to finance new durable goods with term loans after the run-off. The results provide evidence of consumers engaging in sequential term loan borrowing. Crown Copyright (C) 2019 Published by Elsevier B.V. All rights reserved.
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页数：19
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