Recent Developments in Consumer Credit and Default Literature

20 Pages Posted: 19 Aug 2015

See all articles by Igor Livshits

Igor Livshits

Federal Reserve Bank of Philadelphia; University of Western Ontario - Department of Economics

Date Written: September 2015

Abstract

This survey discusses recent contributions to the quantitative literature on unsecured consumer debt and default, and some ongoing challenges for the literature. Key topics include the sources of the rise in personal bankruptcies, the importance of asymmetric information and the effects of developments in information technologies on consumer credit markets, delinquency and informal bankruptcy, debt collection and restructuring of distressed debt, the cyclical behavior of consumer debt and default, and the insurance role of household debt. Implications for welfare analysis and policy design are discussed. Several theoretical contributions and approaches to modeling the consumer credit markets are also highlighted.

Keywords: Bankruptcy, Consumer credit, Default, Delinquency, Unsecseured debt

Suggested Citation

Livshits, Igor, Recent Developments in Consumer Credit and Default Literature (September 2015). Journal of Economic Surveys, Vol. 29, Issue 4, pp. 594-613, 2015. Available at SSRN: https://ssrn.com/abstract=2646249 or http://dx.doi.org/10.1111/joes.12119

Igor Livshits (Contact Author)

Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States

University of Western Ontario - Department of Economics ( email )

London, Ontario N6A 5B8
Canada

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