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| Author: | Alessie, R. Hochguertel, S. Weber, G. |
| Title: | Consumer credit: evidence from Italian micro data |
| Journal: | Journal of the European Economic Association
2005 : MAR, VOL. 3:1, p. 144-178 |
| Index terms: | credit credit markets interest rates Italy |
| Language: | eng |
| Abstract: | This paper analyses data in credit applications received by leading provider of consumer credit in Italy (Findomestic). The data covers a five-year period (1995-1999) during which the consumer credit market rapidly expanded in Italy and a new usury law came into force. The behavioural changes are computed by controlling for changes in the observable characteristics of the Findomestic clientele. It is argued that under suitable identifying assumptions, these changes can be given a structural interpretation. It is shown that demand is interest-rate elastic, particularly in the more affluent North. |
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