主题：Borrowing to Save? The Impact of Automatic
Enrollment on Debt（通过借贷储蓄？自动注册对债务产生的影响）
主讲人：James Choi, 耶鲁大学管理德州扑克大小
金融学教授
日期：2018年9月19日（周三）
时间：上午10:00 - 11:30
地点：德州扑克大小
金融德州扑克大小
1号楼303教室
语言：英文
摘要：
How
much of the retirement savings induced by automatic enrollment is offset by increased
borrowing outside the retirement savings plan? We study a natural experiment
created when the U.S. Army began automatically enrolling its newly hired
civilian employees into the Thrift Savings Plan (TSP) at a default contribution
rate of 3% of income. Four years after hire, automatic enrollment causes no
significant change in debt excluding auto loans and first mortgages (point
estimate = 0.9% of income, 95% confidence interval = [-0.9%, 2.7%]). Automatic
enrollment does significantly increase auto loan balances by 2.0% of income and
first mortgage balances by 7.4% of income. These secured liabilities have muted
immediate effects on net worth because they are used to acquire assets, but
their increase could signal that automatic enrollment previously decreased
non-TSP assets. Larger secured loans could also decrease long-run net worth
through greater depreciation and financing costs.
主讲人简介:
Professor Choi's research
spans behavioral finance, behavioral economics, household finance, capital
markets, health economics, and sociology. His work on default options has led
to changes in 401(k) plan design at many U.S. corporations and has influenced
pension legislation in the United States and abroad. In other papers, he has
investigated topics such as the influence of racial, gender, and religious
identity on economic preferences, investor ignorance of mutual fund fees, the
effect of deadlines and peer information on savings choices, how retail
investor sentiment in China affects stock returns, and the use of subtle
planning prompts to increase vaccination rates.
Professor Choi is a
recipient of the TIAA-CREF Paul A. Samuelson Award for outstanding scholarly
writing on lifelong financial security. He is an Associate Director of the
Retirement Research Center at the National Bureau of Economic Research, a
member of the FINRA Investor Issues Committee, and a TIAA-CREF Institute
Fellow.
