The Association Between Payday Lending and Economic Well Being, Evidence from State Level Panel Data from 1991-2013
Creator
Johnston, Alistair Miles
Advisor
Wei, Thomas
Abstract
Payday lending, short-term loans for small amounts of money with high interest and fees,
is a controversial practice. Many have argued that it creates cycles of debt that harm
borrowers long-term economic well being. The research to this point has measured
different outcomes of economic well being with mixed results. In this paper I use panel
data from 1991 through 2013 for all states and Washington DC to measure the
association between laws allowing payday lending and two measures of economic well
being: income and the poverty rate. Although my results are largely mixed, contrary to
the prevailing popular notion, I find some evidence that payday lending may be
associated with benefits to economic well being.
Description
M.P.P.
Permanent Link
http://hdl.handle.net/10822/760946Date Published
2015Subject
Type
Metadata
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