2014年信用卡风险外文翻译--信用卡利率与风险来自美国调查数据的新证据（节选）

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1、中文 4100 字 ， 2450 英文单词， 13300 英文字符 文献出处： Liareszegarra J, Wilson J O S. Credit card interest rates and risk: new evidence from US survey dataJ. European Journal of Finance, 2014, 20(10):892-914. Credit card interest rates and risk: new evidence from US survey data Jos Liares-Zegarra and John O.S. Wil

2、son This study uses survey data and instrumental variables methods to assess whether in the USA the prices 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

3、Corporation score). 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 best terms and conditions. However, under stressed economic co

4、nditions, issuer banks increase APRs to account for short-term risk. Credit card characteristics, including network affiliation and issuer brand, play an important role in the pricing decisions of issuer banks. Keywords: credit card plans; instrumental variables; pricing; risk; search 1. Introductio

5、n Credit cards are an integral part of the financial system.In the USA, thousands 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 standby lin

6、e 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 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 technologies have allowed banks to price credit based on the riskines