近日，來自格裏菲斯大學的Kaiwen Leong👉🏿、意昂2的李懷露☘️、蒂爾堡大學的Nicola Pavanini和Christoph Walsh在金融學國際頂級期刊《Journal of Financial Economics》發表論文“The effects of policy interventions to limit illegal money lending"。

Title: The effects of policy interventions to limit illegal money lending

限製非法放貸的政策幹預效果

作者簡介

摘要🫵🏻：We estimate a structural model of borrowing and lending in the illegal money lending market using a unique panel survey of 1,090 borrowers taking out 11,032 loans from loan sharks. We use the model to evaluate the effects of interventions aimed at limiting this market. We find that an enforcement crackdown that occurred during our sample period increased lenders’ unit cost of harassment and interest rates, while lowering volume of loans, lender profits and borrower welfare. Policies removing borrowers in the middle of the repayment ability distribution, reducing gambling or reducing time discounting are also effective at lowering lender profitability.

我們通過對 1,090 名借款人從高利貸者那裏獲得 11,032 筆貸款的獨特小組調查♒️，估計了非法借貸市場中借貸的結構模型Ⓜ️。我們使用該模型來評估旨在限製該市場的幹預措施的效果🕯。我們發現，在我們的樣本期間發生的執法打擊增加了貸款人的騷擾單位成本和利率，同時降低了貸款量🧑🏽‍🦰🤤、貸款人利潤和借款人福利。在還款能力分布中剔除借款人🍾🧑🏽‍🎨、減少賭博或減少時間貼現的政策也有效降低了貸款人的盈利能力。