00000nam 2200000zi 4500 9.932289 CaOODSP 20240112152951 m o d f cr mn||||||||| 240110t20242024oncab ob f000 0 eng d CaOODSP eng rda CaOODSP eng eng fre n-us--- FB3-5/2024-1E-PDF Xie, Shihan, author. Extreme weather and low-income household finance : evidence from payday loans / by Shihan Xie, Victoria Wenxin Xie and Xu Zhang. [Ottawa] : Bank of Canada = Banque du Canada, 2024. ©2024 1 online resource (ii, 40, 18 pages) : colour illustrations, colour maps. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2024-1 ISSN assigned to different series. "Last updated: January 8, 2024." Includes bibliographical references (pages 24-27). "This paper explores the impact of extreme weather exposures on the financial outcomes of low-income households. Using a novel dataset comprising individual-level payday loan applications and loan-level information, we find that extreme temperature days—both hot and cold—lead to surges in demand for payday loans. An increase in the number of days with extreme heat results in an increase in delinquency and default rates and a reduction of total credit issued, indicating a contraction in loan supply. These effects are especially noticeable for online payday loans. Our findings highlight the heightened financial vulnerability of low-income households to environmental shocks and underscore the need for targeted policies"--Abstract, page ii. Includes abstracts in English and French. Climatic changes Economic aspects United States Econometric models. Poor United States Economic conditions Econometric models. Payday loans United States Econometric models. Climat Changements Aspect économique États-Unis Modèles économétriques. Pauvres États-Unis Conditions économiques Modèles économétriques. Prêts sur salaire États-Unis Modèles économétriques. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2024-1. (CaOODSP)9.806221 PDF 2.06 MB https://publications.gc.ca/collections/collection_2024/banque-bank-canada/FB3-5-2024-1-eng.pdf