Debt relief programs and money left on the table : evidence from Canada's response to COVID-19 / by Jason Allen, Robert Clark, Shaoteng Li and Nicolas Vincent.: FB3-5/2021-13E-PDF
"This paper analyzes the effectiveness of debt-relief programs targeting short-run household liquidity constraints implemented in Canada in response to the COVID-19 pandemic. These programs allowed individuals to push off mortgage and credit card payments and cut in half interest rates on credit card debt. Using credit bureau data, we document that, despite potential savings above $4 billion, enrollment was limited: 24% for mortgages and 7% for credit cards. By exploiting the richness of our data set, we provide evidence that close to 80% of individuals were unaware of the credit card relief program while others faced important fixed non monetary costs preventing uptake"--Abstract, page ii.
Permanent link to this Catalogue record:
publications.gc.ca/pub?id=9.902748&sl=0
| Department/Agency | Bank of Canada, issuing body. |
|---|---|
| Title | Debt relief programs and money left on the table : evidence from Canada's response to COVID-19 / by Jason Allen, Robert Clark, Shaoteng Li and Nicolas Vincent. |
| Series title | Staff working paper = Document de travail du personnel, 1701-9397 ; 2021-13 |
| Publication type | Series - View Master Record |
| Language | [English] |
| Format | Electronic |
| Electronic document | |
| Note(s) | "Last updated: March 15, 2021." Includes bibliographical references (pages 42-44). |
| Publishing information | Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2021. ©2021 |
| Author / Contributor | Allen, Jason, author. |
| Description | 1 online resource (ii, 50 pages) : charts. |
| Catalogue number |
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| Subject terms | Debt relief -- Canada. COVID-19 Pandemic, 2020- -- Economic aspects -- Canada. Dettes -- Allègement -- Canada. Pandémie de COVID-19, 2020- -- Aspect économique -- Canada. |
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