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Guillermo Zamarripa's
Scholarly Papers
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631 |
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Citations
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1.
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Related Lending
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Rafael La Porta
Tuck School of Business at Dartmouth Florencio Lopez de Silanes
EDHEC Business School Guillermo Zamarripa
National Banking and Securities Commission, Mexico
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Posted:
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23 Mar 02
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Last Revised:
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10 Oct 02
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587
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74
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Rafael La Porta
Tuck School of Business at Dartmouth Florencio Lopez de Silanes
EDHEC Business School Guillermo Zamarripa
National Banking and Securities Commission, Mexico
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23 Mar 02
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29 Mar 02
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23
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74
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Abstract:
In many countries, banks lend to firms controlled by the bank's owners. We examine the benefits of related lending using a newly assembled dataset for Mexico. Related lending is prevalent (20% of commercial loans) and takes place on better terms than arm's-length lending (annual interest rates are 4 percentage points lower). Related loans are 33% more likely to default and, when they do, have lower recovery rates (30% less) than unrelated ones. The evidence supports the view that rather than enhance information sharing, related lending is a manifestation of looting.
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Rafael La Porta
Tuck School of Business at Dartmouth Florencio Lopez de Silanes
EDHEC Business School Guillermo Zamarripa
National Banking and Securities Commission, Mexico
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31 Mar 02
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Last Revised:
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10 Oct 02
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564
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74
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Abstract:
In many countries, banks lend to firms controlled by the bank's owners. We examine the benefits of related lending using a newly assembled dataset for Mexico. Related lending is prevalent (20% of commercial loans) and takes place on better terms than arm's-length lending (annual interest rates are 4 percentage points lower). Related loans are 33% more likely to default and, when they do, have lower recovery rates (30% less) than unrelated ones. The evidence supports the view that rather than enhance information sharing, related lending is a manifestation of looting.
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2.
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Alejandro Ponce
The World Bank Enrique Seira
affiliation not provided to SSRN Guillermo Zamarripa
National Banking and Securities Commission, Mexico
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23 Mar 09
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Last Revised:
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15 Apr 09
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Abstract:
Most cardholders have more than one credit card, yet, it is not evident how these individuals manage their accounts. In this paper we construct a novel data set that includes information on all the credit cards held by more than 10,000 consumers in Mexico in 2004 and 2005 and empirically study the intra-temporal allocation of debt, payments and purchases among the credit cards consumers already hold. We find that the difference in the interest rates between homogeneous cards is not an important determinant of allocations. On average, cardholders forego potential savings for a sum that amounts to 16% of their financing cost. We show that non-price determinants of allocations have more explanatory power than interest rates. We find that consumers tend to put a larger fraction of their monthly payments and purchases on the card they spent more on during the preceding billing period, regardless of their interest rate ranking. The most compelling explanation relates to mental accounting and financial unsophistication. The low price sensitivity can explain why high interest rates prevail in this market, regardless of any search or switching cost.
Credit cards, household finance, heuristics, consumer behavior, Mexico
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