Unsecured credit markets are not insurance markets

被引：21
|
作者：
Athreya, Kartik [2 ]
Tam, Xuan S. [1 ]
Young, Eric R. [1 ]
机构：
[1] Univ Virginia, Dept Econ, Charlottesville, VA 22904 USA
[2] Fed Reserve Bank Richmond, Res Dept, Richmond, VA USA
来源：
JOURNAL OF MONETARY ECONOMICS | 2009年 / 56卷 / 01期
关键词：
Risk sharing; Asymmetric information; Bankruptcy; Default; CONSUMPTION INEQUALITY; BANKRUPTCY REFORM; DEFAULT; EARNINGS; DEBT; RISK;
D O I：
10.1016/j.jmoneco.2008.08.005
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We study the extent to which unsecured credit markets have altered the transmission of increased income risk to consumption variability over the past several decades. We find that unsecured credit markets pass through increased income risk to consumption, irrespective of bankruptcy policy and the information possessed by lenders. If risk sharing has indeed improved over this period, the reasons do not therefore lie in the unsecured credit market. (C) 2008 Elsevier B.V. All rights reserved.
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页码：83 / 103
页数：21
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