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  • 1
    Online Resource
    Online Resource
    What Does Debt Relief Do for Development? : Evidence from India's Bailout Program for Highly-Indebted Rural Households (2012)
    Washington, D.C., : The World Bank,
    Details
    UID:
    almafu_9958246419602883
    Format: 1 online resource (65 pages)
    Series Statement: Policy research working papers.
    Content: This paper studies the impact of a large debt relief program, intended to attenuate investment constraints among highly-indebted households in rural India. It isolates the causal effect of bankruptcy-like debt relief settlements using a natural experiment arising from India's Debt Relief Program for Small and Marginal Farmers - one of the largest debt relief initiatives in history. The analysis shows that debt relief has a persistent effect on the level of household debt, but does not increase investment and productivity as predicted by theories of debt overhang. Instead, the anticipation of future credit constraints leads to a greater reliance on informal financing, lower investment and a decline in productivity among bailout recipients. The results suggest that one-time settlements may be insufficient to incentivize new investment, but can have significant real effects through their impact on borrower expectations.
    Language: English
    DOI: 10.1596/1813-9450-6258
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (kostenfrei)
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    FU Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 2
    Online Resource
    Online Resource
    Incentivizing Calculated Risk-Taking : Evidence from an Experiment with Commercial Bank Loan Officers (2012)
    Washington, D.C., : The World Bank,
    Details
    UID:
    almafu_9958246431102883
    Format: 1 online resource (68 pages)
    Series Statement: Policy research working papers.
    Content: This paper uses a series of experiments with commercial bank loan officers to test the effect of performance incentives on risk-assessment and lending decisions. The paper first shows that, while high-powered incentives lead to greater screening effort and more profitable lending, their power is muted by both deferred compensation and the limited liability typically enjoyed by loan officers. Second, the paper presents direct evidence that incentive contracts distort judgment and beliefs, even among trained professionals with many years of experience. Loans evaluated under more permissive incentive schemes are rated significantly less risky than the same loans evaluated under pay-for-performance.
    Language: English
    DOI: 10.1596/1813-9450-6146
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Resource
    Fulltext
    FU Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 3
    Online Resource
    Online Resource
    Status Goods : Experimental Evidence from Platinum Credit Cards (2017)
    Washington, D.C. :The World Bank,
    Details
    UID:
    almafu_9958246216902883
    Format: 1 online resource (67 pages)
    Series Statement: Policy research working papers.
    Content: This paper provides novel evidence on status goods, using a series of field experiments with an Indonesian bank that markets platinum credit cards to high-income customers. In a first experiment, the paper shows that demand for the platinum card greatly exceeds demand for a nondescript control product with identical benefits, suggesting demand for the pure status aspect of the card. Transaction data reveal that platinum cards are more likely to be used in social contexts, implying social image motivations. Combining price variation with information on the use of the card sheds light on the magnitude of the demand for social status. A second experiment provides evidence of positional externalities from the consumption of these status goods. The final experiment shows that increasing self-esteem causally reduces demand for status goods. This suggests that part of the demand for status is psychological in nature, and that social image is a substitute for self-image.
    Language: English
    DOI: 10.1596/1813-9450-8064
    URL: Volltext  (Deutschlandweit zugänglich)
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    Fulltext
    FU Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 4
    Online Resource
    Online Resource
    Moral Incentives : Experimental Evidence from Repayments of an Islamic Credit Card. (2015)
    Washington, D.C. :The World Bank,
    Details
    UID:
    almafu_9958143953602883
    Format: 1 online resource (38 pages)
    Series Statement: Policy research working papers.
    Content: This paper studies the role of morality in the decision to repay debts. Using a field experiment with a large Islamic bank in Indonesia, the paper finds that moral appeals strongly increase credit card repayments. In this setting, all of the banks late-paying credit card customers receive a basic reminder to repay their debt one day after they miss the payment due date. In addition, two days before the end of a ten-day grace period, clients in a treatment group also receive a text message that cites an Islamic religious text and states that "non-repayment of debts by someone who is able to repay is an injustice." This message increases the share of customers meeting their minimum payments by nearly 20 percent. By contrast, sending either a simple reminder or an Islamic quote that is unrelated to debt repayment has no effect on the share of customers making the minimum payment. Clients also respond more strongly to this moral appeal than to substantial financial incentives: receiving the religious message increases repayments by more than offering a cash rebate equivalent to 50 percent of the minimum repayment. Finally, the paper finds that removing religious aspects from the quote does not change its effectiveness, suggesting that the moral appeal of the message does not necessarily rely on its religious connotation.
    Language: English
    DOI: 10.1596/1813-9450-7420
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    FU Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 5
    Online Resource
    Online Resource
    Bank Competition, Concentration, and Credit Reporting / (2013)
    Washington, D.C., : The World Bank,
    Details
    UID:
    almafu_9958246401702883
    Format: 1 online resource (35 pages)
    Series Statement: Policy research working papers.
    Content: This paper explores the empirical relationship between bank competition, bank concentration, and the emergence of credit reporting institutions. The authors find that countries with lower entry barriers into the banking market (that is, a greater threat of competition) are less likely to have a credit bureau, presumably because banks are less willing to share proprietary information when the threat of market entry is high. In addition, a credit bureau is significantly less likely to emerge in economies characterized by a high degree of bank concentration. The authors argue that the reason for this finding is that large banks stand to lose more monopoly rents from sharing their extensive information with smaller players. In contrast, the data show no significant relationship between bank competition or concentration and the emergence of a public credit registry, where banks' participation is mandatory. The results highlight that policies designed to promote the voluntary creation of a credit bureau need to take into account banks' incentives to extract monopoly rents from proprietary credit information.
    Language: English
    DOI: 10.1596/1813-9450-6442
    URL: Volltext  (Deutschlandweit zugänglich)
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    FU Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 6
    Online Resource
    Online Resource
    How do Borrowers Respond to a Debt Moratorium? : Experimental Evidence from Consumer Loans in India (2023)
    Washington, D.C. :World Bank,
    Details
    UID:
    almafu_9961102898202883
    Format: 1 online resource (66 pages)
    Content: Debt moratoria that allow borrowers to postpone loan payments are a frequently used tool intended to soften the impact of economic crises. This paper reports results from a nationwide experiment with a large consumer lender in India, designed to study how debt forbearance offers affect loan repayment and banking relationships. In the experiment, borrowers receive forbearance offers that are presented either as an initiative of their lender or the result of government regulation. The results show that delinquent borrowers who are offered a debt moratorium by their lender are 4 percentage points (7 percent) less likely to default on their loan, while forbearance has no effect on repayment if it is granted by the regulator. Borrowers who are offered forbearance by their lender also have causally higher demand for future interactions with the lender: in a follow-up experiment conducted several months after the main intervention demand for a non-credit product offered by the lender is 10 percentage points (27 percent) higher among customers who were offered repayment flexibility by the lender than among customers who received a moratorium offer presented as an initiative of the regulator. Overall, the results suggest that, rather than generating moral hazard, debt forbearance can improve loan repayment and support the creation of longer-term banking relationships not only for liquidity but also for relational contracting reasons. This provides a rationale for offering repayment flexibility even in settings where lenders are not required to provide forbearance.
    Language: English
    URL: lizenzpflichtig
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    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 7
    Online Resource
    Online Resource
    The Economic Effects of a Borrower Bailout : Evidence from an Emerging Market (2014)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048266542
    Format: 1 Online-Ressource (56 p)
    Content: This paper studies the credit market implications and real effects of one the largest borrower bailout programs in history, enacted by the government of India against the backdrop of the 2008-2009 financial crisis. The study finds that the stimulus program had no effect on productivity, wages, or consumption, but led to significant changes in credit allocation and an increase in defaults. Post-program loan performance declines faster in districts with greater exposure to the program, an effect that is not driven by greater risk-taking of banks. Loan defaults become significantly more sensitive to the electoral cycle after the program, suggesting the anticipation of future credit market interventions as an important channel through which moral hazard in loan repayment is intensified
    Additional Edition: Giné, Xavier The Economic Effects of a Borrower Bailout
    Language: English
    DOI: 10.1596/1813-9450-7109
    URL: Volltext  (kostenfrei)
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    URL: https://academic.oup.com/rfs/article/30/11/4081/4555008
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    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    MPI Bildungsforschung
  • 8
    Online Resource
    Online Resource
    Learning to Navigate a New Financial Technology : Evidence from Payroll Accounts (2020)
    Washington, D.C. :The World Bank,
    Details
    UID:
    almafu_9959748952602883
    Format: 1 online resource (71 pages)
    Series Statement: Policy research working papers.
    Content: How do inexperienced consumers learn to use a new financial technology? This paper presents results from a field experiment that introduced payroll accounts in a population of largely unbanked factory workers in Bangladesh. In the experiment, workers in a treatment group received monthly wage payments into a bank or mobile money account while workers in a control group continued to receive wages in cash, with a subset also receiving an account without automatic wage payments. The results show that exposure to payroll accounts leads to increased account use and consumer learning. Those receiving accounts with automatic wage payments learn to use the account without assistance, begin to use a wider set of account features, and learn to avoid illicit fees, which are common in emerging markets for consumer finance. The treatments have real effects, leading to increased savings and improvements in the ability to cope with unanticipated economic shocks. An additional audit study provides suggestive evidence of market externalities from consumer learning: mobile money agents are less likely to overcharge inexperienced customers in areas with higher levels of payroll account adoption. This suggests potentially important equilibrium effects of introducing accounts at scale.
    Language: English
    DOI: 10.1596/1813-9450-9495
    URL: Volltext  (kostenfrei)
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    FU Berlin
    EUV Frankfurt
    HTW Berlin
    Charité
  • 9
    Online Resource
    Online Resource
    Macroeconomic Expectations and Credit Card Spending (2021)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV049081966
    Format: 1 Online-Ressource (57 Seiten)
    Content: How do macroeconomic expectations affect consumer decisions? This paper reports results from a natural field experiment with 2,872 credit card customers from a large commercial bank to answer this question. Participants of the experiment first completed a survey that measured consumer expectations about future inflation and the nominal exchange rate. This survey was combined with an information-provision experiment that generated exogenous variation in respondents' macroeconomic expectations. The survey and experimental data were then merged with detailed administrative data on participants' credit card transactions and balances. The experiment was designed to test three standard predictions from models of intertemporal consumption choice: inflation expectations should affect spending on durables; exchange rate expectations should affect spending on tradables; and, holding constant the nominal interest rate, inflation expectations should affect borrowing. The analysis finds that the information provided to participants strongly affects subjective expectations. However, no significant effects are found on actual consumer behavior (as measured in administrative data) or self-reported consumption plans (as measured in survey data). The preferred interpretation is that consumers are not sophisticated enough to factor inflation and exchange rate expectations into their consumption decisions. The absence of a link between consumer expectations and behavior has potentially important implications for macroeconomic policies such as forward guidance
    Language: English
    DOI: 10.1596/1813-9450-9524
    URL: Volltext  (kostenfrei)
    URL: Deutschlandweit zugänglich
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    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    MPI Bildungsforschung
  • 10
    Online Resource
    Online Resource
    Macroeconomic Expectations and Credit Card Spending / (2021)
    Washington, D.C. :The World Bank,
    Details
    UID:
    almafu_9959780144402883
    Format: 1 online resource (57 pages)
    Series Statement: NBER working paper series no. w28281
    Content: How do macroeconomic expectations affect consumer decisions? This paper reports results from a natural field experiment with 2,872 credit card customers from a large commercial bank to answer this question. Participants of the experiment first completed a survey that measured consumer expectations about future inflation and the nominal exchange rate. This survey was combined with an information-provision experiment that generated exogenous variation in respondents' macroeconomic expectations. The survey and experimental data were then merged with detailed administrative data on participants' credit card transactions and balances. The experiment was designed to test three standard predictions from models of intertemporal consumption choice: inflation expectations should affect spending on durables; exchange rate expectations should affect spending on tradables; and, holding constant the nominal interest rate, inflation expectations should affect borrowing. The analysis finds that the information provided to participants strongly affects subjective expectations. However, no significant effects are found on actual consumer behavior (as measured in administrative data) or self-reported consumption plans (as measured in survey data). The preferred interpretation is that consumers are not sophisticated enough to factor inflation and exchange rate expectations into their consumption decisions. The absence of a link between consumer expectations and behavior has potentially important implications for macroeconomic policies such as forward guidance.
    Note: December 2020.
    Language: English
    DOI: 10.1596/1813-9450-9524
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    FU Berlin
    Charité
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