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An Experimental Analysis of the Brazilian Personal Credit Market

Author

Listed:
  • Cláudio Ribeiro de Lucinda
  • Rodrigo Luiz Vieira

Abstract

Este artigo tem por objetivo investigar algumas questões importantes sobre a demanda por crédito pessoal em um grupo que não é muito estudado na literatura acadêmica: a classe média em um grande mercado emergente, o Brasil. Para isto, foi usada uma base de dados de um experimento feito por um grande emissor de cartões de crédito, em que ofertas com diferentes taxas de juros foram enviadas aleatoriamente para clientes em dois grupos diferentes – um deles de renda mediana de USD 20 mil, e outro de USD 8 mil. Foi investigada a sensibilidade a juros da demanda por crédito, tanto na margem extensiva e intensiva, assim como a existência de problemas de seleção adversa e risco moral. Em termos dos resultados, a demanda é mais sensível a taxa de juros para o grupo de renda mais alta, os dois grupos apresentam evidências de seleção adversa em observáveis e os problemas de risco moral podem ser mais importantes para o grupo de renda mais baixa.

Suggested Citation

  • Cláudio Ribeiro de Lucinda & Rodrigo Luiz Vieira, 2011. "An Experimental Analysis of the Brazilian Personal Credit Market," Working Papers 10-2011, Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto.
  • Handle: RePEc:fea:wpaper:10-2011
    as

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    File URL: ftp://cpq.fearp.usp.br:2300/textos_discussao/eco/2011/TD-E10-2011.pdf
    File Function: First version, 2011
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    References listed on IDEAS

    as
    1. Dehejia, Rajeev & Montgomery, Heather & Morduch, Jonathan, 2012. "Do interest rates matter? Credit demand in the Dhaka slums," Journal of Development Economics, Elsevier, vol. 97(2), pages 437-449.
    2. Dean Karlan & Jonathan Zinman, 2009. "Observing Unobservables: Identifying Information Asymmetries With a Consumer Credit Field Experiment," Econometrica, Econometric Society, vol. 77(6), pages 1993-2008, November.
    3. Xavier Giné & Dean Karlan, 2009. "Group versus Individual Liability: Long Term Evidence from Philippine Microcredit Lending Groups," Working Papers 970, Economic Growth Center, Yale University.
    4. David B. Gross & Nicholas S. Souleles, 2002. "Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card Data," The Quarterly Journal of Economics, Oxford University Press, vol. 117(1), pages 149-185.
    5. Sule Alan & Gyongyi Loranth, 2013. "Subprime Consumer Credit Demand: Evidence from a Lender's Pricing Experiment," Review of Financial Studies, Society for Financial Studies, vol. 26(9), pages 2353-2374.
    6. Rob Alessie & Stefan Hochguertel & Guglielmo Weber, 2005. "Consumer Credit: Evidence From Italian Micro Data," Journal of the European Economic Association, MIT Press, vol. 3(1), pages 144-178, March.
    7. Dean S. Karlan & Jonathan Zinman, 2008. "Credit Elasticities in Less-Developed Economies: Implications for Microfinance," American Economic Review, American Economic Association, vol. 98(3), pages 1040-1068, June.
    8. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Credit Demand; Adverse Selection; Moral Hazard;

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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