Extreme weather and low-income household finance : evidence from payday loans / by Shihan Xie, Victoria Wenxin Xie and Xu Zhang. : FB3-5/2024-1E-PDF
"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.
Lien permanent pour cette publication :
publications.gc.ca/pub?id=9.932289&sl=1
| Ministère/Organisme | Bank of Canada, issuing body. |
|---|---|
| Titre | Extreme weather and low-income household finance : evidence from payday loans / by Shihan Xie, Victoria Wenxin Xie and Xu Zhang. |
| Titre de la série | Staff working paper = Document de travail du personnel, 1701-9397 ; 2024-1 |
| Type de publication | Série - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Électronique |
| Document électronique | |
| Note(s) | ISSN assigned to different series. "Last updated: January 8, 2024." Includes bibliographical references (pages 24-27). Includes abstracts in English and French. |
| Information sur la publication | [Ottawa] : Bank of Canada = Banque du Canada, 2024. ©2024 |
| Auteur / Contributeur | Xie, Shihan, author. |
| Description | 1 online resource (ii, 40, 18 pages) : colour illustrations, colour maps. |
| Numéro de catalogue |
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| Descripteurs | 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. |
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