[雙語翻譯]信用卡風險外文翻譯--信用卡利率與風險來自美國調查數據的新證據（節(jié)選）

1、中文 中文 4100 字， 字，2450 英文單詞， 英文單詞，13300 英文字符 英文字符文獻出處： 文獻出處：Liñareszegarra J, Wilson J O S. Credit card interest rates and risk: new evidence from US survey data[J]. European Journal of Finance, 2014, 20(10):892-914.C

2、redit card interest rates and risk: new evidence from US survey dataJosé Liñares-Zegarra and John O.S. WilsonThis study uses survey data and instrumental variables’ methods to assess whether in the USA the pri

3、ces of credit cards (annual percentage rates, APRs) reflect the short- and long-term risks of cardholders (measured as unpaid credit card debt in the previous year, outstanding debt and Fair Issac Corporation score).

4、We find a negative relationship between APRs and long-term risk. This effect is pronounced for sub-prime cardholders. This suggests that higher risk consumers shop around more intensively for credit cards offering the

5、best terms and conditions. However, under stressed economic conditions, issuer banks increase APRs to account for short-term risk. Credit card characteristics, including network affiliation and issuer brand, play an i

6、mportant role in the pricing decisions of issuer banks. Keywords: credit card plans; instrumental variables; pricing; risk; search 1. IntroductionCredit cards are an integral part of the financial system.In the USA, th

7、ousands of depository institutions issue credit cards and set the terms and conditions independently on these plans. Consumers use credit cards as a convenient payment device for the purposes of borrowing, and as a sta

8、ndby line of credit for unforeseen expenses. As a source of short-term finance, credit card lines have often been used as a substitute of conventional loan products. In 2012, credit cards were used in $24 trillion of

9、transactions in the USA (Nilson Report 2013).Over the past 20 years, deregulation and changes in technology have led to increased com- petition among lenders in the credit card industry. Advances in credit scoring tec

10、hnologies have allowed banks to price credit based on the riskiness of the consumer (rather than simply accept or reject an application based on a single credit score). The practice of issuing cards to higher risk con

11、sumers was a significant change in the supply conditions in the credit card market.Previous academic research on credit card pricing has been conducted based on bank-level data on balance sheets and income statements w

12、ithout accounting for the likely influence of demand factors related to the level of credit risk of potential clients.This has been in part due to a lack of publicly available data. Consequently, a critical issue is w

13、hether prices charged reflect the risk of the potential borrower.This paper addresses this shortcoming by investigating whether the price of credit cards (proxied by the annual percentage rate of interest, APR hereaft

14、er) is based on the credit risk of potential credit card borrowers. We use survey data and an innovative matching procedure which links APRs charged cards generally have a grace period between the purchase of an item an

15、d the payment date, and as such provide convenience to cardholders by allowing them to access borrowed funds. At the end of the grace period, the cardholder can pay the balance on the card in full or extend the loan a

16、nd incur charges (Gerdes 2008; Prager et al. 2009). Over 6000 US depository institutions issued credit cards, and independently set terms and conditions. Nine issuer banks accounted for approximately 85% of outstandin

17、g general-purpose credit card balances nationwide in 2010 (Federal Reserve Board 2011; GAO 2011). The industry is dominated by four major card networks (Visa, MasterCard, American Express, and Discover) which represen

18、t more than 70% of the volume of payment card transactions in the USA (Euromonitor 2012). The composition of the card issuers’ revenue varies widely (GAO 2011). The credit card market generates substantial revenues fo

19、r issuers, Visa, and MasterCard, and commercial credit cards in 2007 reached $117.76 billion in revenues, up 2% from $114.99 billion in 2006 (Green 2008). Between 2001 and 2011, the largest credit card banks experienc

20、ed only one unprofitable year, in 2009 (Bocian et al. 2012). This is despite the fact that delinquency rates on credit cards have been historically higher than on consumer and residential loans (Federal Reserve Board

21、2010).In 2008, issuers had more than $23 billion in non-securitized debt that was from 30 to 180 days delinquent. Credit card delinquency rates have fluctuated over time around 4.4% from 1991 to 2007, but since that ti

22、me have risen sharply to about 6.6% in the first quarter of 2009. When consumers fall more than 180 days behind on paying their credit card bills, banks ‘charge off’ the delinquent account. Recent data suggest that in

23、 the first quarter of 2009, issuers charged off $7.5 billion, a charge-off rate of 7.6% of their outstanding credit card debt (GAO 2009).Credit cards are widely used in the USA. In 2009, the majority of consumers (72%

24、) had some form of credit card. Recent data suggest that 176.8 million US consumers hold 609.8 million credit cards, which represents an average of 3.5 cards per cardholder (Foster et al. 2010, 2011). Revolving consum

25、er debt in the USA (comprising almost entirely of credit card debt) stands at $950 billion, and approximately 13.9% of consumer disposable income is used to service this debt (Joint Economic Committee 2009).The Credit

26、Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 and the Durbin Amendment to the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 were passed in order to improve transparency and

27、protect consumers from unfair practices. The CARD Act served to protect cardholders from unfair practices such as large increases in interest rates and excessive charges for late payments or breaches of credit limit.

28、The Durbin Amendment limits the debit card interchange fees paid by retailers. A recent study suggests, however, that retailers have not passed along cost savings (associated with lower interchange fees) to customers (