Essays on consumer credit
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Tipo de documento: | Tese |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/34682 |
Resumo: | Credit portability has been advocated as a significant instrument to promote competition in the banking industry. In 2014, the Brazilian Central Bank (BCB) introduced a regulatory framework to facilitate consumer credit portability. In Chapter 1, we explore the spatial local banking concentration in Brazil to investigate how this institutional change affected local credit markets. Our findings provide robust evidence that credit portability led to a reduction in interest rates and a surge in credit volume, mainly benefiting the categories of loans most affected by the legislative changes. In Chapter 2, using the Brazilian administrative credit registry data with the universe of all consumer loans originated by banks in the country from 2013 to 2019, we document high borrowing interest rates, which vary systematically with individual characteristics. In particular, even after controlling for several observable individual attributes – such as income, occupation, and default probabilities, low-income individuals pay higher interest rates than high-income borrowers. In Chapter 3, we quantitatively analyze a consumer credit market with these characteristics observed in Brazil in a model with endogenous default, where consumers face idiosyncratic income shocks. We perform counterfactual analyses to assess the impact of different financial reforms on borrowing rates, consumption inequality, consumption insurance, and welfare. We find that reforms aiming to reduce intermediation costs and bank market power have sizeable average and distributional welfare implications. |
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Fantinatti, Amanda MirandaEscolas::EESPRicca, Bernardo de Oliveira GuerraFonseca, JuliaPossebom, Vitor AugustoCavalcanti, TiagoBonomo, Marco Antônio Cesar2023-12-29T14:04:08Z2023-12-29T14:04:08Z2023-11-21https://hdl.handle.net/10438/34682Credit portability has been advocated as a significant instrument to promote competition in the banking industry. In 2014, the Brazilian Central Bank (BCB) introduced a regulatory framework to facilitate consumer credit portability. In Chapter 1, we explore the spatial local banking concentration in Brazil to investigate how this institutional change affected local credit markets. Our findings provide robust evidence that credit portability led to a reduction in interest rates and a surge in credit volume, mainly benefiting the categories of loans most affected by the legislative changes. In Chapter 2, using the Brazilian administrative credit registry data with the universe of all consumer loans originated by banks in the country from 2013 to 2019, we document high borrowing interest rates, which vary systematically with individual characteristics. In particular, even after controlling for several observable individual attributes – such as income, occupation, and default probabilities, low-income individuals pay higher interest rates than high-income borrowers. In Chapter 3, we quantitatively analyze a consumer credit market with these characteristics observed in Brazil in a model with endogenous default, where consumers face idiosyncratic income shocks. We perform counterfactual analyses to assess the impact of different financial reforms on borrowing rates, consumption inequality, consumption insurance, and welfare. We find that reforms aiming to reduce intermediation costs and bank market power have sizeable average and distributional welfare implications.A portabilidade de crédito tem sido defendida como um instrumento importante para promover a concorrência no setor bancário. Em 2014, o Banco Central do Brasil (BCB) introduziu um marco regulatório para facilitar a portabilidade de crédito ao consumidor. No Capítulo 1, exploramos a competição bancária local no Brasil para investigar como essa mudança institucional afetou os mercados de crédito locais. As nossas conclusões fornecem evidências robustas de que a portabilidade de crédito levou a uma redução nas taxas de juro e a um aumento no volume de crédito, beneficiando principalmente as categorias de empréstimos mais afetadas pela portabilidade de crédito. No Capítulo 2, utilizando os dados do Sistema de Informações de Crédito do Banco Central (SCR) com o universo de todos os empréstimos ao consumidor originados pelos bancos no país de 2013 a 2019, documentamos altas taxas de juros de empréstimos, que variam sistematicamente com características individuais. Em particular, mesmo depois de controlar vários atributos individuais observáveis – como o rendimento, a ocupação e as probabilidades de default, os indivíduos com menores rendimentos pagam taxas de juro mais elevadas do que os mutuários com rendimentos elevados. No Capítulo 3, analisamos quantitativamente um mercado de crédito ao consumidor com essas características observadas no Brasil em um modelo com inadimplência endógena, onde os consumidores enfrentam choques de renda idiossincráticos. Realizamos análises contrafactuais para avaliar o impacto de diferentes reformas financeiras nas taxas de financiamento, na desigualdade de consumo, no seguro de consumo e no bem-estar. Concluímos que as reformas que visam reduzir os custos de intermediação e o poder de mercado bancário têm implicações consideráveis no bem-estar dos indivíduos.engBank competitionInterest rates dispersionConsumption smoothingInequalityCompetição bancáriaTaxas de juros dispersasSuavização do consumoDesigualdadeEconomiaCrédito bancárioCrédito direto ao consumidorTaxas de jurosIgualdadeEssays on consumer creditinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINALFGV_EESP_Essays_on_Consumer_Credit_AmandaMF.pdfFGV_EESP_Essays_on_Consumer_Credit_AmandaMF.pdfPDFapplication/pdf34264542https://repositorio.fgv.br/bitstreams/0cff2dc7-482e-4f7b-b981-1e81bc5069ed/downloadbb5946b00f7194cf624983757c163e5dMD51LICENSElicense.txtlicense.txttext/plain; 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|
dc.title.eng.fl_str_mv |
Essays on consumer credit |
title |
Essays on consumer credit |
spellingShingle |
Essays on consumer credit Fantinatti, Amanda Miranda Bank competition Interest rates dispersion Consumption smoothing Inequality Competição bancária Taxas de juros dispersas Suavização do consumo Desigualdade Economia Crédito bancário Crédito direto ao consumidor Taxas de juros Igualdade |
title_short |
Essays on consumer credit |
title_full |
Essays on consumer credit |
title_fullStr |
Essays on consumer credit |
title_full_unstemmed |
Essays on consumer credit |
title_sort |
Essays on consumer credit |
author |
Fantinatti, Amanda Miranda |
author_facet |
Fantinatti, Amanda Miranda |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.member.none.fl_str_mv |
Ricca, Bernardo de Oliveira Guerra Fonseca, Julia Possebom, Vitor Augusto |
dc.contributor.author.fl_str_mv |
Fantinatti, Amanda Miranda |
dc.contributor.advisor1.fl_str_mv |
Cavalcanti, Tiago Bonomo, Marco Antônio Cesar |
contributor_str_mv |
Cavalcanti, Tiago Bonomo, Marco Antônio Cesar |
dc.subject.eng.fl_str_mv |
Bank competition Interest rates dispersion Consumption smoothing Inequality |
topic |
Bank competition Interest rates dispersion Consumption smoothing Inequality Competição bancária Taxas de juros dispersas Suavização do consumo Desigualdade Economia Crédito bancário Crédito direto ao consumidor Taxas de juros Igualdade |
dc.subject.por.fl_str_mv |
Competição bancária Taxas de juros dispersas Suavização do consumo Desigualdade |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Crédito bancário Crédito direto ao consumidor Taxas de juros Igualdade |
description |
Credit portability has been advocated as a significant instrument to promote competition in the banking industry. In 2014, the Brazilian Central Bank (BCB) introduced a regulatory framework to facilitate consumer credit portability. In Chapter 1, we explore the spatial local banking concentration in Brazil to investigate how this institutional change affected local credit markets. Our findings provide robust evidence that credit portability led to a reduction in interest rates and a surge in credit volume, mainly benefiting the categories of loans most affected by the legislative changes. In Chapter 2, using the Brazilian administrative credit registry data with the universe of all consumer loans originated by banks in the country from 2013 to 2019, we document high borrowing interest rates, which vary systematically with individual characteristics. In particular, even after controlling for several observable individual attributes – such as income, occupation, and default probabilities, low-income individuals pay higher interest rates than high-income borrowers. In Chapter 3, we quantitatively analyze a consumer credit market with these characteristics observed in Brazil in a model with endogenous default, where consumers face idiosyncratic income shocks. We perform counterfactual analyses to assess the impact of different financial reforms on borrowing rates, consumption inequality, consumption insurance, and welfare. We find that reforms aiming to reduce intermediation costs and bank market power have sizeable average and distributional welfare implications. |
publishDate |
2023 |
dc.date.accessioned.fl_str_mv |
2023-12-29T14:04:08Z |
dc.date.available.fl_str_mv |
2023-12-29T14:04:08Z |
dc.date.issued.fl_str_mv |
2023-11-21 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/34682 |
url |
https://hdl.handle.net/10438/34682 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
bitstream.url.fl_str_mv |
https://repositorio.fgv.br/bitstreams/0cff2dc7-482e-4f7b-b981-1e81bc5069ed/download https://repositorio.fgv.br/bitstreams/5496f028-6e2a-48e3-84bd-bd42f0e01f79/download https://repositorio.fgv.br/bitstreams/fd3a7060-b137-439a-8a1b-102056ac6328/download https://repositorio.fgv.br/bitstreams/c6dabd0b-9fdb-4a6d-8262-68ed0b0ed1e0/download |
bitstream.checksum.fl_str_mv |
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bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
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1810023955858194432 |