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What Determines Consumer Financial Distress? Place- and Person-Based Factors / Benjamin J. Keys, Neale Mahoney, Hanbin Yang.
- Format:
- Book
- Author/Creator:
- Keys, Benjamin J.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w26808.
- NBER working paper series no. w26808
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2020.
- Summary:
- We use credit report data to study consumer financial distress in America. We show there are large, persistent disparities in financial distress across regions. To understand these patterns, we conduct a "movers" analysis. For collections and default, there is only weak convergence following a move, suggesting these types of distress are not primarily caused by place-based factors (e.g., local economic conditions and state laws) but instead reflect person-based characteristics (e.g., financial literacy and risk preferences). In contrast, for personal bankruptcy, we find a sizable place-based effect, which is consistent with anecdotal evidence on how local legal factors influence personal bankruptcy.
- Notes:
- Print version record
- February 2020.
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