演講者簡介 : 譚玄宋先 生為Ph.D. in Economics，University of Virginia (May 2010 expected)。其主要研究領域為Macroeconomics、Consumer Finance、Computational Economics。現正申請本所研究職務中。
演講摘要 : This paper studies the effectiveness of longer-term unsecured credit contracts in improving credit access, consumption smoothing, and welfare. I find that longer-term contracts result in higher average borrowing interest rates and hence lower levels of borrowing and fewer borrowers in the equilibrium. In addition, I show that longer-term contracts reduce consumer welfare. I also investigate the welfare implications of interest rate ceilings and show that imposing a modest interest rate cap under long-term contracts improves welfare.
