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Factors affecting the location of payday lending and traditional banking services in North Carolina

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Author Info

  • Burkey, Mark L.
  • Simkins, Scott P.

Abstract

Payday lending is a relatively new and fast growing segment of the “fringe banking” industry. This paper offers a comparative, descriptive analysis of the location patterns of traditional banks and payday lenders. Utilizing a dataset at the Zip Code Tabulation Area level in North Carolina, we perform negative binomial regressions and find evidence supporting some, but not all common assertions about the location patterns of both types of institutions. A key finding is that after controlling for many covariates, race is still a powerful predictor of the locations of both banks and payday lenders.

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File URL: http://mpra.ub.uni-muenchen.de/36043/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 36043.

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Date of creation: 2004
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Publication status: Published in The Review of Regional Studies 2.34(2004): pp. 191-205
Handle: RePEc:pra:mprapa:36043

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Keywords: payday lending; fringe banking; location analysis;

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Cited by:
  1. Wilson Bart J & Findlay David W. & Meehan James W. & Wellford Charissa & Schurter Karl, 2010. "An Experimental Analysis of the Demand for Payday Loans," The B.E. Journal of Economic Analysis & Policy, De Gruyter, De Gruyter, vol. 10(1), pages 1-31, October.
  2. Snarr, Hal W. & Burkey, Mark L., 2006. "A Preliminary Investigation of Welfare Migration Induced by Time Limits," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, Mid-Continent Regional Science Association, vol. 36(2).
  3. Wheatley, W. Parker, 2010. "Economic and Regional Determinants of the Location of Payday Lenders and Banking Institutions in Mississippi: Reconsidering the Role of Race and Other Factors in Firm Location," The Review of Regional Studies, Southern Regional Science Association, Southern Regional Science Association, vol. 40(1), pages 53-69.
  4. Tony E. Smith & Marvin M. Smith & John Wackes, 2007. "Alternative financial service providers and the spatial void hypothesis," Community Affairs Discussion Paper, Federal Reserve Bank of Philadelphia 07-01, Federal Reserve Bank of Philadelphia.
  5. Taylor J. Canann & Richard W. Evans, 2013. "Determinants of Short-term Lender Location and Interest Rates," BYU Macroeconomics and Computational Laboratory Working Paper Series, Brigham Young University, Department of Economics, BYU Macroeconomics and Computational Laboratory 2013-06, Brigham Young University, Department of Economics, BYU Macroeconomics and Computational Laboratory.
  6. H. Damar, 2009. "Why Do Payday Lenders Enter Local Markets? Evidence from Oregon," Review of Industrial Organization, Springer, Springer, vol. 34(2), pages 173-191, March.
  7. Robin A. Prager, 2009. "Determinants of the locations of payday lenders, pawnshops and check-cashing outlets," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2009-33, Board of Governors of the Federal Reserve System (U.S.).
  8. Richard W. Evans, 2012. "Determinants of Short-term Consumer Lending Interest Rates," BYU Macroeconomics and Computational Laboratory Working Paper Series, Brigham Young University, Department of Economics, BYU Macroeconomics and Computational Laboratory 2012-07, Brigham Young University, Department of Economics, BYU Macroeconomics and Computational Laboratory.
  9. Smith, Tony E. & Smith, Marvin M. & Wackes, John, 2008. "Alternative financial service providers and the spatial void hypothesis," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 38(3), pages 205-227, May.

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