The Great Recession and Credit Trends across Income Groups
Gene Amromin, Leslie McGranahan
American Economic Review · 2015 · Volume 105 · Issue 5
Abstract
In this paper, we document trends in credit use across income groups in the period surrounding the Great Recession. We investigate trends in access to different credit markets, including mortgages, home equity, automobiles, and student loans. We disentangle growth rates of new market entrants from the aggregates and analyze overall as well as within-county growth rate differentials across income strata. Our findings may provide insight into the financial well-being of different income groups in the context of the Great Recession.
Keywords
Household Saving, Personal Finance, Business Fluctuations, Cycles, Financial Markets and the Macroeconomy, Banks, Depository Institutions, Micro Finance Institutions, Mortgages
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