1、本科毕业论文(设计)外文翻译原文THEEFFECTSOFGOVERNMENTREGULATIONSONTHESUPPLYOFPAWNLOANSEVIDENCEFROM51JURISDICTIONSINTHEUSNOTWECONTRIBUTETOTHEMODESTAMOUNTOFEXISTINGEMPIRICALRESEARCHONTHEFRINGEBANKINGINDUSTRYBYEXAMININGTHEEFFECTSOFTWOJURISDICTIONSPECIFICRESTRICTIVEREGULATIONSONTHESUPPLYOFPAWNLOANSCONTROLLINGFORPOVERT
2、YLEVELS,EDUCATIONLEVELS,ANDPOPULATIONDENSITY,STATEBYSTATEDATAPRESENTEDINTHISPAPERFROMTHE51POLITICALJURISDICTIONSINTHEUNITEDSTATESSUGGESTSCONSIDERABLEEFFECTSINEXPECTEDWAYSONFIVEASPECTSOFSUPPLYFROMTHETWOREGULATIONSMORESPECIFICALLY,THESTUDYPROVIDESSUPPORTFORTHESUGGESTIONTHATINTERESTRATECEILINGSANDAREQU
3、IREMENTTORETURNEXCESSPROCEEDSFROMTHESALEOFCOLLATERALITEMSTENDTOREDUCETHENUMBEROFSTOREHOURS,LOAN/VALUERATIOS,THENUMBEROFVERYSMALLLOANSMADE,ANDTHENUMBEROFEXISTINGPAWNSHOPSTHELENDINGACTIVITIESOFTHOSEWORKINGOUTSIDETRADITIONALDEPOSITORYFINANCIALINSTITUTIONSARESOMETIMESCHARACTERIZEDASFRINGEBANKINGOPERATIO
4、NSOFTHEESTABLISHEDFRINGEBANKERS,PAWNSHOPSCONSTITUTETHEMOSTMATURESEGMENT1HAVINGBEENAROUNDFORHUNDREDSOFYEARS,PAWNBROKERSMAKEVERYSMALLUSUALLYUNDER100LOANS,FORSHORTPERIODSOFTIMEUSUALLYAROUND2MONTHS,TAKINGPHYSICALPOSSESSIONOFPERSONALITEMSASCOLLATERALINTHESTANDARDPAWNTRANSACTION,THECOLLATERALISRETURNEDTOT
5、HEBORROWERUPONLOANREPAYMENT,OROWNERSHIPAUTOMATICALLYTRANSFERSTOTHELENDERIFTHEBORROWERCHOOSESTONOTREPAYTHELOANWITHAFEWNOTABLEEXCEPTIONSWHICHWILLBEEXAMINEDINTHENEXTSECTION,ACADEMICRESEARCHONTHEPAWNSHOPINDUSTRYHASSUFFEREDFROMNEGLECTFORALONGTIMEASCASKEY1991HASPOINTEDOUT,THISNEGLECTFROMTHEACADEMICCOMMUNI
6、TYISUNFORTUNATE,ASTHEPERCENTAGEOFTHEPOPULATIONSERVEDBYTHEPAWNINDUSTRYMAYREACHASHIGHAS10FURTHERMORE,CASKEY1991STATES,BECONOMISTSWILLHAVEAVERYINCOMPLETEUNDERSTANDINGOFCREDITMARKETSIFATTENTIONISNOTALSOGIVENTOTHEFINANCIALMARKETSFACEDBYTHEMILLIONSOFAMERICANSOPERATINGINDEPENDENTLYOFTHEBANKINGSYSTEMINORDER
7、TOHELPCORRECTTHISLARGEGAPINTHEACADEMICLITERATURE,THISPAPERWILLPRESENTAHIGHLYCOMPREHENSIVESTUDYOFTHEEFFECTOFTWOSPECIFICGOVERNMENTREGULATIONSONFIVEMEASURESOFTHESUPPLYOFPAWNSERVICESTHEMAINCONTRIBUTIONSOFTHISPAPERARETWOFOLDFIRSTOFALL,WEEXTENDTHEWORKOFCASKEY1991,1994ABOUTTHEEFFECTSOFPAWNSHOPREGULATIONSON
8、THENUMBEROFPAWNSHOPSINASTATEBYEXPANDINGHISSAMPLEFROM28STATESTO51JURISDICTIONSWEALSOUSEANADDITIONALMEASUREOFTHELEVELOFPAWNSHOPDENSITYINEACHJURISDICTIONWECONFIRMTHERESULTSOFCASKEY1991,1994CONCERNINGTHEPOSITIVERELATIONSHIPBETWEENTHELEVELOFTHEINTERESTRATECEILINGANDTHENUMBEROFPAWNSHOPS,BUTCONTRADICTHISRE
9、SULTSBYSHOWINGASIGNIFICANTNEGATIVERELATIONSHIPBETWEENTHEEXISTENCEOFTHECOLLATERALRETURNREGULATIONANDTHENUMBEROFPAWNSHOPSTHESECONDMAINWAYTHISPAPERCONTRIBUTESTOTHEACADEMICLITERATUREISBYLOOKINGATTHEIMPACTOFPAWNSHOPREGULATIONONASPECTSOFINDIVIDUALPAWNSHOPBEHAVIORWEEMPIRICALLYTESTJOHNSONANDJOHNSONS1998HYPO
10、THESESCONCERNINGTHEIMPACTOFPAWNSHOPREGULATIONONAVERAGELOANAMOUNTSANDLOAN/VALUERATIOSOFINDIVIDUALPAWNSHOPSWEALSOLOOKATTHEIMPACTOFREGULATIONONTHENUMBEROFHOURSPAWNSHOPSOPERATEOVERALL,WEFINDTHATPAWNSHOPREGULATIONHASSTRONGNEGATIVEEFFECTSONFIVEDIFFERENTASPECTSOFPAWNSHOPLOANSUPPLYTHESERESULTSHAVEIMPLICATIO
11、NSNOTONLYFORTHEFINANCIALSERVICESINDUSTRYASAWHOLEBUTALSOFORRESEARCHONPRICECEILINGSANDREGULATIONSINOTHERINDUSTRIESASWELLASNOTEDABOVE,THEACADEMICRESEARCHONTHEPAWNINDUSTRYISNOTLARGEHOWEVER,THEWORKTHATHASBEENDONEINRECENTYEARSHASPROVIDEDKEYINSIGHTSANDHASPROMPTEDFURTHERRESEARCHASWELLTHEDEMANDFORPAWNLOANSTH
12、ERESEARCHOFJOHNSONANDJOHNSON1998ONTHEPERSONALANDFINANCIALCHARACTERISTICSOFTHOSEBORROWINGFROMPAWNSHOPSMAKESITCLEARTHATTHETYPICALPAWNBORROWERISNOTONETHATTRADITIONALBANKINGINSTITUTIONSWANTASACUSTOMERRELATIVETOMOSTAMERICANS,PAWNBORROWERSTENDTOHAVELESSEDUCATION,LESSACCUMULATEDWEALTH,LOWERINCOMES,LESSSTAB
13、LEEMPLOYMENT,HIGHERBANKRUPTCYRATES,ANDAHOSTOFDEMOGRAPHICANDLIFESTYLEPATTERNSTHATQUITEOBVIOUSLYDONOTFITWELLWITHTHEMODELINHERENTINTHETRADITIONALBANKLENDINGENVIRONMENTPAWNBROKERSHAVERECOGNIZEDTHESECHARACTERISTICSINTHISSEGMENTOFTHEPOPULATION,ANDHAVESTRUCTUREDTHEIRPRODUCTINASUBSTANTIALLYDIFFERENTWAYINORD
14、ERTOACCOMMODATETHISCUSTOMERINORDERTOSERVETHISSEGMENTOFTHEPOPULATIONPROFITABLY,PAWNLENDERSREQUIRENOCREDITCHECKS,NODEPOSITACCOUNTS,ANDNOEMPLOYMENTHISTORY,BUTASNOTEDTHEYDOTAKEPHYSICALPOSSESSIONOFCOLLATERALINMAKINGALOANFORTHOSEHAVINGTHECHARACTERISTICSMENTIONED,THEALTERNATIVESTOPAWNSHOPBORROWINGAREFEW2TH
15、ISLACKOFBORROWINGALTERNATIVESSUGGESTSTHATTHEDEMANDFORPAWNLOANS,WHILENOTLARGERELATIVETOTHEENTIRECONSUMERLOANMARKET,ISRATHERINELASTICFORTHESUBSTANTIALSEGMENTOFTHEPOPULATIONMEETINGTHECHARACTERISTICSNOTEDTHEINELASTICDEMANDFORPAWNLOANSCANALSOBEUNDERSTOODINTERMSOFTIMEPREFERENCESUNDERSTANDINGTHATTIMEPREFER
16、ENCESCANBEAFUNCTIONOFMANYTHINGS,ITISEASYTOSEETHATPEOPLEHAVINGTHECHARACTERISTICSDESCRIBEDWOULDTENDTOHAVEHIGHTIMEPREFERENCESINTHESENSETHATTHEYOFTENTENDTOBESOMEWHATDESPERATEATTHEMARGINWHERETHEYFINDITNECESSARYTOSEEKTHESERVICESOFAPAWNSHOPINADDITIONTOTHEIRRESEARCHONTHECHARACTERISTICSOFPAWNBORROWERS,JOHNSO
17、NANDJOHNSON1998SPECIFICALLYTHEORIZETHATLOANTOVALUERATIOSANDAVERAGELOANSIZESMIGHTBEEXPECTEDTOVARYINRESPONSETOAPAWNMARKETBURDENEDWITHRESTRICTIVEREGULATIONSTHEYDIDNOT,HOWEVER,ATTEMPTTOTESTTHISEMPIRICALLYTHESUPPLYOFPAWNLOANSONTHESUPPLYSIDE,THEWORKOFCASKEY1991,1994,1997HASBEENSIGNIFICANTCONTROLLINGFOREDU
18、CATIONLEVELS,POVERTYLEVELS,POPULATIONDENSITY,ANDTHEREQUIREMENTTORETURNEXCESSPROCEEDSFROMTHESALEOFCOLLATERALITEMS,INANANALYSISOFPAWNACTIVITIESIN28STATESWITHEFFECTIVEINTERESTRATECEILINGS,CASKEYFOUNDTHENUMBEROFEXISTINGPAWNSHOPSTOBEPOSITIVELYRELATEDTOTHEHEIGHTOFTHECEILINGSTHISRESEARCHHASBEENSUCCESSFULIN
19、DEMONSTRATINGTHEIMPORTANCEOFTHEPAWNINDUSTRYTOTHOSEMEETINGTHECHARACTERISTICSJOHNSONANDJOHNSONFOUNDPREVALENTAMONGPAWNBORROWERSTHEFACTTHATTHEREISRELATIVELYEASYENTRYANDEASYEXITINTHEPAWNINDUSTRYISALSODEMONSTRATEDBYTHERATHERELASTICSUPPLYTHATCANBEINFERREDBYCASKEYSWORKTHOUGHTHEWORKBYCASKEYHASBEENPERHAPSTHEO
20、NLYRECENTEMPIRICALRESEARCHONPAWNSHOPLOANSUPPLY,HISSTUDYWASLIMITEDTOONLYTHOSESTATESWITHEFFECTIVEINTERESTRATECEILINGS,ANDITWASLIMITEDINTHEASPECTSOFSUPPLYTHATITMEASUREDTHESMALLSAMPLEOF28STATESVERSUSTHE51JURISDICTIONSCOVEREDINTHECURRENTSTUDYMAYEXPLAINCASKEYSRESULTSHOWINGAPOSITIVERELATIONSHIPBETWEENTHECO
21、LLATERALRETURNREGULATIONANDTHENUMBEROFPAWNSHOPSALSO,STUDYINGFIVEDIMENSIONSOFPAWNSHOPSUPPLYRATHERTHANJUSTONEALLOWSFORAMUCHBROADERPICTUREOFTHERESULTINGELASTICITYOFPAWNSHOPLOANSUPPLYPRICEREGULATIONANDUNINTENDEDCONSEQUENCESANYEMPIRICALEXAMINATIONOFTHEEFFECTSOFPAWNSHOPREGULATIONSONTHESUPPLYOFPAWNSHOPLOAN
22、SISLIKELYTOHAVEMUCHBROADERIMPLICATIONSFOREXAMPLE,BUYINGANDSELLINGCONTINUE,ANDTHECONSTANTEFFORTTOCAPTUREPUREENTREPRENEURIALGAINKEEPSTHEMARKETINPERPETUALMOTIONKIRZNER,1985THISSTUDYADDSTOTHISLINEOFRESEARCHONPRICECEILINGSANDCONSUMERPROTECTIONBYPROVIDINGIMPORTANTINSIGHTSONAHEAVILYREGULATEDCREDITMARKETFOR
23、LOWINCOMECONSUMERSTHEFOCUSOFTHISSTUDYISONTHESUPPLYSIDEOFTHEPAWNINDUSTRYDOGOVERNMENTRESTRICTIONSONTHEBEHAVIOROFPAWNBROKERSHAVETHEEFFECTOFLIMITINGCOMPETITIONINTHEMARKETFORPAWNLOANSORDOREGULATIONSHAVETHEEFFECTOFENHANCINGCOMPETITIONTHROUGHALEVELINGOFTHEPLAYINGELDBETWEENBORROWERSANDLENDERSONEWAYOFATTEMPT
24、INGTOANSWERTHESEQUESTIONSISTOLOOKATTHEDIFFERENCESINTHEWAYSPAWNSHOPSOPERATEWITHVARYINGDEGREESOFREGULATIONINTHISSTUDY,THISTASKISUNDERTAKENBYEXAMININGVEQUANTITATIVEHYPOTHESESAIMEDATPROVIDINGINSIGHTSINTOSEVERALCHANGESTHATMAYTAKEPLACEASARESULTOFPAWNSHOPREGULATIONSARTICLEPROVIDESASUMMARYOFTHEESSENTIALPORT
25、IONSOFTHERESULTSOFTHEVECOREEQUATIONSFORTHEVEHYPOTHESESTHISTABLESHOWSACOMPOSITEPICTUREOFTHEESSENTIALFEATURESOFTHESTUDYALLOFTHEDEPENDENTVARIABLES,EACHOFWHICHREPRESENTSADIFFERENTWAYINWHICHPAWNSHOPSCANREARRANGETHEIRAFFAIRSINAWORLDOFRESTRICTIVEREGULATIONS,AREINUENCEDSIGNICANTLYINTHEEXPECTEDDIRECTIONBYEIT
26、HERTHERETURNRESTRICTIONORTHEINT25RESTRICTION,ORBOTHAFTERCONTROLLINGFORPOPULATIONDENSITY,POVERTYLEVELS,ANDEDUCATIONLEVELSINEACHOFTHE51POLITICALJURISDICTIONSTHESERESULTSSUGGESTTHATTHETWOLEGALRESTRICTIONSONTHEBEHAVIOROFPAWNSHOPSTHATWERETHEFOCUSOFTHISSTUDYAREEXACTLYTHATRESTRICTIONSTHEYRESTRICTECONOMICAC
27、TIVITYTHEYARELEGALPROHIBITIONSAGAINSTCERTAINBEHAVIORSTHATAREOTHERWISECONSIDEREDMUTUALLYADVANTAGEOUSFROMTHEPERSPECTIVESOFBOTHBORROWERSANDLENDERSVIEWINGPAWNSHOPREGULATIONSASRESTRICTIONSORPROHIBITIONSHELPSUSTOUNDERSTANDTHEREDUCEDLEVELSOFSUPPLYTHATARETHECORERESULTSOFTHESTUDYOVERALL,ITAPPEARSTHATTHEPERCE
28、NTAGEREDUCTIONSINTHESEDIFFERENTASPECTSOFSUPPLYARELIKELYTOBELARGERTHANTHEPERCENTAGEREDUCTIONSINPRICEORCHANGESINOTHERBENETSACCRUINGTOTHEBORROWERSASARESULTOFTHESEREGULATORYMEASURESTHISIMPLIESARATHERELASTICSUPPLYESPECIALLYTHOSEEQUATIONSRELATINGDIRECTLYTOTHENUMBEROFPAWNSHOPSPOINTTOAVERYELASTICSUPPLYCONCL
29、USIONREGULATIONOFANUNPOPULARANDUNIMPRESSIVEINDUSTRYISLIKELYTOBETEMPTINGFORASPIRINGPOLITICIANSANDOTHERSWITHSTRONGMORALINTUITIONSWHOAREWILLINGTOUSETHEFORCEOFLAWTOMANIPULATETHERULESTHATGOVERNSOCIETYKIRZNER1985HASSUGGESTEDGIVENSUFFICIENTLYSTRONGVALUEJUDGMENTSONTHEPARTOFWOULDBEREGULATORSWHETHERINFAVOROFE
30、NVIRONMENTALPURITY,ORANEGALITARIANDISTRIBUTIONOFWEALTH,ORFREEDOMFROMPORNOGRAPHYORFROMDISEASE,ORNATIONALPRESTIGE,ORTHEENRICHMENTOFTHEARTS,ORABOUTWHATEVERCRITICISMSOFINTERVENTIONFROMTHEPERSPECTIVEOFTHESEVALUEJUDGMENTSMAYPROPERLYCARRYLITTLEWEIGHTCONVERSELY,CRITICISMSOFPAWNSHOPREGULATIONSARENOTLIKELYTOB
31、EPOPULARINAWORLDWHERESTRONGTHOUGHPERHAPSUNINFORMEDORMISPLACEDVALUEJUDGMENTSAREINVOGUEANDYET,ASFREDERICBASTIAT1845/1964SOELOQUENTLYPOINTEDOUTOVER150YEARSAGO,THETASKOFTHEECONOMISTISTOFERRETOUTTHEUNSEENORNONOBVIOUSCONSEQUENCESOFALTERNATIVEPOLICIES,SOTHATTHOSEINVOLVEDINCRAFTINGLAWSTHATGOVERNSOCIETYWILLN
32、OTBEGUIDEDBYERRONEOUSJUDGMENTSOFTHELIKELYCONSEQUENCESOFTHEPOLICIESTHATAREPROPOSEDTOTHATEND,THISSTUDYISAMARGINALBUTVALUABLECONTRIBUTIONTOUNDERSTANDINGSOMEOFTHECONSEQUENCESOFPAWNSHOPREGULATIONSSPECIFICALLY,THISSTUDYSUGGESTSTHATTHESUPPLYOFPAWNSERVICESMAYBERESTRICTEDINFIVEWAYSTHROUGHTHEENACTMENTANDIMPLE
33、MENTATIONOFRESTRICTIVEREGULATIONSINTHEINDUSTRYONEPROMISINGAREAFORFUTURERESEARCHCONCERNSTHEISSUEOFLAXENFORCEMENTOFINTERESTRATECEILINGSANDRETURNREQUIREMENTSCASKEY,1991,1994THEFACTTHATTHISSTUDYFOUNDSTRONGEFFECTSOFTHESETWOREGULATIONSINSPITEOFTHEPOSSIBILITYOFLAXENFORCEMENTINSOMEJURISDICTIONSSUGGESTSTWODI
34、FFERENTEXPLANATIONSONEISTHATTHEPAWNSHOPSTHATSURVIVEAFTERREGULATIONSAREENACTEDARETHEONESTHATAREMOSTADEPTATAVOIDINGENFORCEMENTORARETHEMOSTPOLITICALLYWELLCONNECTEDTHEREGULATIONSMAYBEEFFECTIVEATREDUCINGTHENUMBEROFPAWNSHOPS,LEAVINGONLYTHOSEBESTATAVOIDINGENFORCEMENTANOTHERPOSSIBILITYISTHATTHISSTUDYACTUALL
35、YUNDERESTIMATESTHEPOWEROFTHESEREGULATIONSIFARELIABLEWAYOFMEASURINGTHEDEGREEOFENFORCEMENTCOULDBEFOUND,THENANENFORCEMENTADJUSTEDMEASUREMENTOFTHETWOMAINREGULATIONSCOULDBECREATEDTOSEEIFTHISADJUSTMENTMAKESADIFFERENCEINTHERESULTSTHISISARIPEAREAFORFUTURERESEARCHTHEQUESTIONOFWHETHERORNOTPAWNSHOPREGULATIONSR
36、EALLYDOASSISTTHEPOORISANOTHERPROMISINGAREAFORFUTURERESEARCHTHEANSWERTOTHISQUESTION,OFCOURSE,ULTIMATELYENTAILSAVALUEJUDGMENTTHATISNOTWITHINTHESCOPEOFTHISSTUDYBUTTOTHEEXTENTTHECONCLUSIONSOFTHISSTUDYASSISTWITHUNDERSTANDINGTHECONSEQUENCESOFPAWNSHOPREGULATIONS,THESTUDYMAYBEOFGREATIMPORTANCETOTHOSEWHOAREW
37、ILLINGTOMAKESUCHNORMATIVEJUDGMENTSONTHEMATTERTHEREIS,HOWEVER,ONETHINGTHATCANBESAIDWITHSOMECONFIDENCEPAWNSHOPREGULATIONSOFTHEKINDWEHAVEEXAMINEDHEREDONOTCOMEWITHOUTCOSTSINTHEFORMOFADJUSTMENTSINOTHERASPECTSOFTHESUPPLYOFPAWNSERVICESSOURCEJOSHUADSHACKMANANDGLENTENNEY,2006“THEEFFECTSOFGOVERNMENTREGULATION
38、SONTHESUPPLYOFPAWNLOANSEVIDENCEFROM51JURISDICTIONSINTHEUS”JOURNALOFFINANCIALSERVICESRESEARCH,VOL30,NO1,APRIL,PP6991译文政府当押贷款供应规定的作用来自美国的51个司法管辖区的证据我们通过检验关于当押贷款供应的两个专门管辖规定的作用,促成了目前关于边缘银行业的实证研究。本文利用了来自美国的51个政治司法管辖区的数据显示,分析了对于贫困水平,教育水平,人口密度的控制与这两个规定的关系,发现这两个规定在预期的方向对五个方面供应有相当大的影响作用。更确切的说,该项研究表明,利率上限和以出售
39、抵押品来超额收益的需求,将会导致商店营业时间,贷款/价值比率,贷款次数的减少,以及现有典当行数量的减少。那些传统托管所以外金融机构的借贷活动,有时被称作边缘银行业。其中,典当行是已设立的边缘银行业者中最成熟的部分。几百年来,典当行发放的贷款都很少通常低于100美元,贷款时间也很短(通常2个月左右),通常需要拿个人物品的来做抵押。在标准的典当交易中,抵押品会根据借款人的还款情况归还到借款人手里。如果借方选择不偿还借款,物品所有权将自动转移到贷方。除了少数明显的例子例外(将在下一节审查),关于典当行业的学术研究,很长一段时间被人们所忽视。正如卡斯基(1991)所指出的那样,学术界的这一忽视是不正确
40、的。因为典当行业所服务的人口比例可能高达10。此外,卡斯基(1991)指出,如果不考虑到金融市场正面临数以百万计的美国人独立运营银行体系的局面,经济学家对信贷市场将有一个不完全的理解。为了帮助纠正这种现象在学术文献中的大差距,本文将就两个明确的政府规定对五个典当服务的供应措施的作用,做了非常全面的研究。本文的主要贡献是双重的。卡斯基(1991,1994)研究了,在一个国家,关于典当行数量的规定有什么作用呢首先,我们延续了他的研究,把他取自28个国家的样本,扩展到51个司法管辖区。我们还在每个管辖区内典当行密度采取了附加措施。我们肯定卡斯基(1991,1994)的研究结果中利率上升和典当行的数量
41、呈正相关这一说法,但是在抵押品归还关系的存在和典当行的数量之间呈现巨大的消极关系这方面,我们否认他的结果。本文也通过观察个人典当行行为规定的作用,来帮助研究学术文献。约翰逊和约翰逊(1998年)的假设关系是关于平均贷款额和个人典当行的贷款/价值比率的典当行规定有什么作用我们以实证验证了它。同时,我们也审视了典当行营业时间规定的影响。总的来说,我们发现,典当行规定在典当行贷款供应的五个不同方面有很强的负面影响。这些结果暗示,金融服务行业作为一个整体,对研究价格上限和其他行业的法规也有影响。综上所述,以前所做的典当行业学术研究并非很深。然而,近几年来所做的工作,为探索典当行业提供了重要的见解,并且
42、促进了人们对典当行业更进一步的研究。当押贷款的需求约翰逊和约翰逊(1998)对当押贷款的个人特点和财务特征做的研究表明,传统的银行机构不想要这种典型的当押借款人做自己的客户。因为相对于大多数美国人来说,当押借款人往往受教育程度较低,累积的财富少,收入较低,没有稳定的职业,破产率高,而且还有很多不同的生活方式。这明显不符合人们心中固有的传统银行贷款环境。当押商已认识到这部分人口的特点,并在这个结构的基础上,以一个完全不同的方式改变了他们的服务业务,以适应这一类客户的需求。为了有利地服务这部分人口,在典当行贷款时无需调查贷款人的信用状况,存款账户余额和就业经历。但(如上所述)抵押物的实际所有权归放
43、款人所有。对于符合上述特点的那些贷款人来说,他们没有太多选择的余地,只好选当押贷款。与整个顾客借贷市场无关,对满足上述特征的大部分人口来说,当押贷款是解决了他们的迫切需求的。对当押贷款的无条件需求,也可以理解为时间优待。时间优待是很多其他贷款没有的功能。拥有上述特征的人群往往处在边缘绝望时,才意识到典当行当押贷款的必要性,因为他们将得到很高的时间优待。除了对当押借款人特征的研究,约翰逊和约翰逊(1998年)的推论明确指出,典当市场一直被规定所限制,作为回报,贷款与价值比率和平均贷款规模将会有相应的变化。然而,他们还没有用实证验证这一观点。当押贷款的供应在供应方面,卡斯基(1991年,1994年
44、,1997年)的结论很重要。对于控制贫困水平,教育水平,人口密度和出售抵押品来取得超额收益的需求,在分析有实际利率上限的28个国家典当活动中,卡斯基发现,现存的典当行数量绝对与利率最高上限相关。约翰逊和约翰逊发现了当押借款人的普遍特征。这项研究成功地证明了典当行业对这群人的重要性。我们在卡斯基的理论中可以推断出典当行业有相当灵活的供应。这一灵活供应让许多投资商想进入和退出典当行业相对容易很多。但是卡斯基的理论是近期关于当押贷款供应的唯一实证研究,而且他的研究仅限于那些拥有实际利率上限的国家和他所能想到的一个供应方面,缺乏一定的周密性。这个涵盖了28个国家和51个司法管辖区的近期研究样本,不但说
45、明卡斯基的结论显示抵押品归还法规和典当行数量呈正相关。此外,还研究了典当行供应的五个方面,而不仅仅限于一个方面。针对灵活的当押贷款供应方面,开展了更为广阔的一面。价格管制和出乎意料的后果人们就当押贷款供应的典当行规定具体有什么作用做了实证调查。任何类的实证调查都可能对该项研究具有更为广泛的影响。例如,继续购买和出售,不断地努力使企业获取纯利润,才可以维持市场永恒的运转(KIRZNER,1985)。该项研究为低收入消费者提供关于信贷市场的重要信息,加深了对价格上限的研究和对消费者的保护的研究。本研究的重点在典当行业的供应方面。政府对当押商的管制,是否对限制市场的当押贷款竞争有影响通过借方和贷方达
46、成协议,那些规章制度是否真的对加强竞争有作用有一个方法可以回答这些问题,就是看典当行改变经营监管程度的差异。在这项研究中,这个任务以检验五个量化假说开始。旨在为作为典当行规定可能引起的数个变化,提供深刻的见解。文章提供了五个假说的五个核心部分的基本方程的结果概要。此表综合的显示了,该项研究的重要特征。典当行可以以不同地方式在一个受严格管制的世界重新安排他们的事务。人口密度,贫困程度和受教育程度在51个司法管辖区受到控制后,所有可依据的变量在预期的方向明显受到严格管制和INT25规章的影响。这些结果表明,两个关于典当行行为的法规其实是有限制。他们限制经济活动。他们是相对于某些行为的法律禁令,例如
47、,在不同的角度考虑了借方和贷方双方的互利行为。把典当行的规定视为限制或禁令,这样可以帮助我们了解供应强度的降低。这是该项研究的核心结果。总的来说,这些不同方面的供应比例的下降,可能比价格比例的下降和调整措施给借方带来其他福利的变化比例更大。这意味着相当灵活的供应。尤其是那些方程,直接涉及到可以灵活供应的典当行数量。结论对不得人心且不起眼的一个行业监管,很可能是为了吸引那些政客和人们的注意。因为他们想用法律的力量来操作管理社会的规章。科尔斯诺(1985)提到不管是否有利于环境的净化,财富的平等分配,色情或疾病的自由,国家的信誉维护,艺术的丰富或关于所有一切的可能性,对所有可能的调整,已给予充分强
48、大的价值判断。因此对来自价值判断前景的干涉,人们不会有太多的批判。相反,对典当行规的批评可能不适合在一个具有强大的价值判断控制时尚的世界里盛行。费雷德里克巴斯夏(1845/1964)在150年前强有力的指出,经济学家的任务就是搜集那些非正统的政策所引起的未被发现或不明显的现象,为的是让那些被卷入管理社会的法律的人们,不会因所推荐的政策可能引起的结果,做出错误的判断,进而而被误导。为此,该项研究为了解一些典当行规定的影响,做了虽小但很有价值的贡献。确切的说,这项研究表明,制定和实施严格的行业法规后,典当服务的供应,可能在这五个方面有所限制。这是一个今后很有研究希望的领域,关系到对利率上限的管制松
49、懈程度和回报需求的问题(卡斯基,1991年,1994年)。尽管有些管辖区可能有执法不严的可能性,但对这项研究发现这两个法规的强大作用,有两种不同的解释。其中一种解释是,那些善于避开强制,或善于在政治上搞好关系的典当行,才能在法规下生存。这些规定可能会减少典当行的数量,对那些善于避开强制的典当行有效。还有一种可能性,就是该项研究实际上低估了这些规定的力量。如果可以找出一个测量实施程度的可靠方法,那就可以对两个主要规定实施调整测定,来确定这个调整是否对结果有所影响。对进一步的研究来说,这是一个成熟的领域。典当行规是否真的可以帮助穷人,是今后另一个有希望的研究领域。当然,这个问题的答案,最终需要一个价值判断,但这不在该项研究的范围内。该项研究结果协助了解典当行规定的重要性,对想要为此事做出规范性判断的那些人很重要。不过只有一件事我们可以很自信的说出那就是我们在这里研究过的典当行规定,来自典当服务供应的其他方面的调整。出处约书亚D沙克人与格伦坦尼,政府当押贷款供应规定的作用来自美国的51个司法管辖区的证据,金融服务研究杂志,第30卷(1),2006(4)6991