近日，来自格里菲斯大学的Kaiwen Leong、复旦大学经济学院的李怀露、蒂尔堡大学的Nicola Pavanini和Christoph Walsh在金融学国际顶级期刊《Journal of Financial Economics》发表论文“The effects of policy interventions to limit illegal money lending"。

Title: The effects of policy interventions to limit illegal money lending

限制非法放贷的政策干预效果

作者简介

摘要：We estimate a structural model of borrowing and lending in the illegal money lending market using a unique panel survey of 1,090 borrowers taking out 11,032 loans from loan sharks. We use the model to evaluate the effects of interventions aimed at limiting this market. We find that an enforcement crackdown that occurred during our sample period increased lenders’ unit cost of harassment and interest rates, while lowering volume of loans, lender profits and borrower welfare. Policies removing borrowers in the middle of the repayment ability distribution, reducing gambling or reducing time discounting are also effective at lowering lender profitability.

我们通过对 1,090 名借款人从高利贷者那里获得 11,032 笔贷款的独特小组调查，估计了非法借贷市场中借贷的结构模型。我们使用该模型来评估旨在限制该市场的干预措施的效果。我们发现，在我们的样本期间发生的执法打击增加了贷款人的骚扰单位成本和利率，同时降低了贷款量、贷款人利润和借款人福利。在还款能力分布中剔除借款人、减少赌博或减少时间贴现的政策也有效降低了贷款人的盈利能力。