[雙語翻譯]信用卡風(fēng)險外文翻譯--信用卡利率與風(fēng)險來自美國調(diào)查數(shù)據(jù)的新證據(jù)（英文）

1、Full Terms presence of unpaid credit card debt in the previous 12 months; and outstanding credit card debt.5 These measures allow us to identify patterns of risk from a temporal perspective (short- and long-term risks),

2、 and as such represent a significant improvement on previous empirical studies that only use outstanding card debt to differentiate between high- and low-risk cardholders.6 We utilize a two-stage least squares (2SLS) and

3、 a two-step efficient generalized method of moments (IV-GMM) approach to control for potential endogeneity biases in the empirical specification.7The results of our empirical investigation suggest that there is a negativ

4、e and statistically signif- icant relationship between long-term cardholder risk andAPRs charged. This effect is particularly strong for sub-prime cardholders (measured as a combination of low FICO scores and high lev- e

5、ls of outstanding credit card debt) who benefit more from lower APRs compared to lower risk counterparts. This provides empirical support to theories of search, which suggest that risky consumers shop around more intensi

6、vely for credit cards offering the best terms and conditions (Ausubel 1991; Calem and Mester 1995).8 However, we also find that during the recent financial crisis an increase in the level of short-term risk of credit car

7、dholders (i.e. unpaid credit card debt in the previous 12 months) led issuer banks to adjust APRs upwards to mitigate any potential risk of default. Finally, our results suggest that credit card characteristics (such as

8、network affiliation and issuer brand among others) play a role in the pricing decisions of issuer banks. As such, our results are of relevance to banks issuing credit cards and government agencies tasked with supervising

9、 and monitoring developments in the credit card industry. The rest of this study is structured as follows. Developments in the US credit card industry are described in Section 2. Section 3 reviews relevant literature. Se

10、ction 4 describes the data- set. Section 5 outlines the modelling framework, while the empirical findings are presented in Section 6. Section 7 provides final remarks.2. Basic features of the US credit card industryCredi

11、t cards provide consumers with several benefits, which include faster transactions; conve- nience of not having to carry cash; a convenient source of unsecured credit that allows purchases over time; an interest-free per

12、iod to finance purchases if balances are paid on time; and improved theft and loss prevention compared to cash (GAO 2011). In a typical credit card transaction, the monetary value of the transaction is transferred from a

13、 cardholder’s bank account (issuer bank) to a merchant’s bank account (acquirer bank). Credit cards generally have a grace period between the purchase of an item and the payment date, and as such provide convenience to c

14、ardholders 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 and incur charges (Gerdes 2008; Prager et al. 2009). Over 600

15、0 US depository institutions issued credit cards, and independently set terms and con- ditions. Nine issuer banks accounted for approximately 85% of outstanding general-purpose credit cardbalancesnationwidein2010(Federal

16、ReserveBoard2011;GAO2011).9 Theindustryisdom- inated by four major card networks (Visa, MasterCard, American Express, and Discover) which represent more than 70% of the volume of payment card transactions in the USA (Eur

17、omonitor 2012). The composition of the card issuers’revenue varies widely (GAO 2011).10 The credit card market generates substantial revenues for issuers, Visa, and MasterCard, and commercial creditDownloaded by [Nationa