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Conference Paper
Interchange fees : antitrust and regulatory perspectives : general discussion
Balto, David A. (2005-05)
Proceedings – Payments System Research Conferences , Issue May , Pages 248-264

Journal Article
Still charging: the growth of credit card debt between 1992 and 1995
Yoo, Peter S. (1998-01)
Between 1991 and 1997, consumer revolving credit outstanding more than doubled - from $247 billion to $514 billion. This rapid rise of consumer debt, especially credit card debt, has generated much discussion about its cause, sustainability, and implications. Peter S. Yoo uses the recently released 1995 Survey of Consumer Finances to update a previous study that separated the growth of credit card debt into its two main components: increases in the number of households with credit cards and increases in average credit card balances. As before, the analysis separates the effects of lower- and ...
Review , Issue Jan , Pages 19-27

Conference Paper
What do we know about interchange fees and what does it mean for public policy? : commentary on Evans and Schmalensee
Katz, Michael L. (2005-05)
Proceedings – Payments System Research Conferences , Issue May , Pages 121-137

Journal Article
Credit card borrowing, delinquency, and personal bankruptcy
Stavins, Joanna (2000-07)
Credit card delinquencies and personal bankruptcy rates increased during the mid 1990s, despite the strength of the U.S. economy. Even though per capita income rose during that period, household borrowing grew at an even faster pace. The rise in revolving debt-mainly credit card loans-was especially noticeable, and the increase in personal bankruptcy rates was also substantial. This article examines the relationship between consumer credit card borrowing, delinquency rates, and personal bankruptcies. The author looks at developments involving borrowers, the demand side, and lenders, the ...
New England Economic Review , Issue Jul , Pages 15-30

Journal Article
Can demand elasticities explain sticky credit card rates?
Stavins, Joanna (1996-07)
Sticky interest rates on credit card plans have long been a mystery. One possible explanation is that banks maintain high rates because consumers' demand for credit card loans is inelastic. This study tests and rejects that hypothesis. Demand for credit card loans is found to be elastic with respect to interest rates charged, and the amount of delinquent loans is found to increase significantly more than total credit card loans when interest rates drop.> The results show that banks face an adverse selection problem: Lowering the annual percentage rate of interest (APR) would attract risky ...
New England Economic Review , Issue Jul , Pages 43-54

Discussion Paper
Effects of credit scores on consumer payment choice
Stavins, Joanna; Hayashi, Fumiko (2012)
This paper investigates the effects of credit scores on consumer payment behavior, especially on debit and credit card use. Anecdotally, a negative relationship between debit card use and credit score has been reported; however, it is not clear whether that relationship is related to other factors, such as education or income, or whether it is a mere correlation. We use a new consumer survey dataset to examine whether this negative relationship holds after controlling for various consumer characteristics, including demographic and financial characteristics, consumers' perceptions toward ...
Public Policy Discussion Paper , Paper 12-1

Discussion Paper
Credit, debit, or ACH: consequences & liabilities a comparison of the differences in consumer liabilities
Spiotto, Ann H. (2001)
A number of recent initiatives have encouraged use of debit cards and ACH debits/credits for Internet sales transactions. This paper outlines the different statutory and regulatory protections available to consumers and financial institution based upon the method by which payment is made.
Occasional Paper; Emerging Payments , Paper EPS-2001-3

Conference Paper
General discussion : industry panel
Litan, Avivah (2005-05)
Proceedings – Payments System Research Conferences , Issue May , Pages 191-204

Working Paper
Credit card securitization and regulatory arbitrage
Calomiris, Charles W.; Mason, Joseph R. (2003)
This paper explores the motivations and desirability of off-balance-sheet financing of credit card receivables by banks. We explore three related issues: the degree to which securitizations result in the transfer of risk out of the originating bank, the extent to which securitization permits banks to economize on capital by avoiding regulatory minimum capital requirements, and whether banks' avoidance of minimum capital regulation through securitization with implicit recourse has been undesirable from a regulatory standpoint. We show that this intermediation structure could be motivated ...
Working Papers , Paper 03-7

Working Paper
Competitive effects of Basel II on U.S. bank credit card lending
Lang, William W.; Vermilyea, Todd A.; Mester, Loretta J. (2007)
The authors analyze the potential competitive effects of the proposed Basel II capital regulations on U.S. bank credit card lending. They find that bank issuers operating under Basel II will face higher regulatory capital minimums than Basel I banks, with differences due to the way the two regulations treat reserves and gain-on-sale of securitized assets. During periods of normal economic conditions, this is not likely to have a competitive effect; however, during periods of substantial stress in credit card portfolios, Basel II banks could face a significant competitive disadvantage relative ...
Working Papers , Paper 07-9

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