Why do households use different types of loans?Which factors cause borrowers to default?Using a comprehensive survey dataset from Chile,I estimate a partial information model of consumer debt access,lender choice,loan...Why do households use different types of loans?Which factors cause borrowers to default?Using a comprehensive survey dataset from Chile,I estimate a partial information model of consumer debt access,lender choice,loan amount and default.The model consists of a first-stage multinomial logit that explains the choice across the five loan types,plus the options of no access to debt due to credit constraints and a no wish for consumer debt.In the second and third stages,the model assumes a log-linear regression of the debt amount and a logit regression of the default behavior,accounting for the loan type selection probability.Identification is obtained using factors measured at different time periods for the default and the loan type choices.I find that households choose different lenders based on income,education and labor risks.Higher income and education decrease the probability of credit constraints,while increasing bank lending and debt amounts.Unemployment risk and household size increase the chances of all the loan types;however,unemployment decreases the debt amount.Age and wage volatility reduce the probability of all loans.Default decreases with income,education and age,whereas it increases with indebtedness,unemployment,household size,health shocks,and paying previous loans.Counterfactual exercises demonstrate that pension reform,higher requirements for borrowers’capacities,and financial literacy programs could substantially reduce default risk.Financial literacy could greatly reduce arrears,households with credit constraints,the number of debtors and the aggregate debt amounts,especially for non-bank lending.Highlights Chilean borrowers present heterogeneous adverse selection across lender types.No Debt Access decreases with income,age,education,but it increases with risk.Default is associated with income,unemployment,indebtedness and demographics.Paying past loans and health needs are associated with indebtedness and default.Financial literacy programs may be a powerful policy to improve the debt market.展开更多
Adverse selection is an operating risk of crop insurance. Based on survey data on crop insurance collected by questionnaires in Inner Mongolia, China, the paper uses non-parametric analysis and econometric models to e...Adverse selection is an operating risk of crop insurance. Based on survey data on crop insurance collected by questionnaires in Inner Mongolia, China, the paper uses non-parametric analysis and econometric models to estimate the relationship between conditions for crop production and farmers＇ insurance decision in order to test the existence of farmers＇ adverse selection. The results show farmers＇ adverse selection does exist, but settling a claim by negotiation and premium subsidy from governments at all levels can defuse farmers＇ adverse selection under the current system of crop insurance. Risk regionalization, heterogeneous insurance contract and product innovation may decrease adverse selection to some extent.展开更多
BACKGROUND Western medicine is beneficial for the recovery of neurological function in patients with depression,but some patients experience side effects such as headaches,dizziness,nausea,gastrointestinal symptoms,in...BACKGROUND Western medicine is beneficial for the recovery of neurological function in patients with depression,but some patients experience side effects such as headaches,dizziness,nausea,gastrointestinal symptoms,insomnia,and cardiac dysfunction.In recent years,integrative medicine has achieved positive results in the treatment of various diseases.AIM To study Chuanjin Qinggan decoction combined with selective serotonin reuptake inhibitors(SSRIs)in patients with herpes zoster complicated by depression.METHODS Patients with herpes zoster complicated by depression who were treated at the Yantai Hospital of Traditional Chinese Medicine from January 2021 to December 2022 were retrospectively selected as research participants.Among them,43 patients with herpes zoster complicated by depression who received SSRI treatment between January and December 2021 were assigned to the Western medicine group,while those who received combined treatment of traditional Chinese and Western medicine between January and December 2022 were assigned to the combined group.Both groups were treated for eight weeks.The degree of pain,effect of herpes zoster treatment,degree of improvement in depressive symptoms,serum neurotransmitter levels,sleep quality,and occurrence of adverse reactions were compared between the two groups.RESULTS We found that after eight weeks of drug treatment,the two treatment schemes achieved differing efficacy.In further comparison,we found that,compared with patients treated with SSRIs alone,patients treated with Chuanjin Qinggan decoction combined with SSRIs showed more significant improvement in depression and a greater increase in dopamine and 5-hydroxytryptamine levels after treatment(P<0.05).Patients treated with Chuanjin Qinggan decoction combined with SSRIs also experienced lower pain,better treatment efficacy for herpes zoster,better sleep quality,and a lower incidence of adverse reactions compared to those treated with SSRIs alone(P<0.05).All minor adverse reactions occurring during treatment were resolved after symptomatic treatment.CONCLUSION The treatment scheme of Chuanjin Qinggan decoction combined with SSRIs can improve the psychological state of patients with herpes zoster complicated by depression and alleviate adverse reactions.展开更多
文摘Why do households use different types of loans?Which factors cause borrowers to default?Using a comprehensive survey dataset from Chile,I estimate a partial information model of consumer debt access,lender choice,loan amount and default.The model consists of a first-stage multinomial logit that explains the choice across the five loan types,plus the options of no access to debt due to credit constraints and a no wish for consumer debt.In the second and third stages,the model assumes a log-linear regression of the debt amount and a logit regression of the default behavior,accounting for the loan type selection probability.Identification is obtained using factors measured at different time periods for the default and the loan type choices.I find that households choose different lenders based on income,education and labor risks.Higher income and education decrease the probability of credit constraints,while increasing bank lending and debt amounts.Unemployment risk and household size increase the chances of all the loan types;however,unemployment decreases the debt amount.Age and wage volatility reduce the probability of all loans.Default decreases with income,education and age,whereas it increases with indebtedness,unemployment,household size,health shocks,and paying previous loans.Counterfactual exercises demonstrate that pension reform,higher requirements for borrowers’capacities,and financial literacy programs could substantially reduce default risk.Financial literacy could greatly reduce arrears,households with credit constraints,the number of debtors and the aggregate debt amounts,especially for non-bank lending.Highlights Chilean borrowers present heterogeneous adverse selection across lender types.No Debt Access decreases with income,age,education,but it increases with risk.Default is associated with income,unemployment,indebtedness and demographics.Paying past loans and health needs are associated with indebtedness and default.Financial literacy programs may be a powerful policy to improve the debt market.
基金sponsored by the National Natural Science Foundation of China (71363042)
文摘Adverse selection is an operating risk of crop insurance. Based on survey data on crop insurance collected by questionnaires in Inner Mongolia, China, the paper uses non-parametric analysis and econometric models to estimate the relationship between conditions for crop production and farmers＇ insurance decision in order to test the existence of farmers＇ adverse selection. The results show farmers＇ adverse selection does exist, but settling a claim by negotiation and premium subsidy from governments at all levels can defuse farmers＇ adverse selection under the current system of crop insurance. Risk regionalization, heterogeneous insurance contract and product innovation may decrease adverse selection to some extent.
基金This study was reviewed and approved by Yantai Hospital of Traditional Chinese Medicine.
文摘BACKGROUND Western medicine is beneficial for the recovery of neurological function in patients with depression,but some patients experience side effects such as headaches,dizziness,nausea,gastrointestinal symptoms,insomnia,and cardiac dysfunction.In recent years,integrative medicine has achieved positive results in the treatment of various diseases.AIM To study Chuanjin Qinggan decoction combined with selective serotonin reuptake inhibitors(SSRIs)in patients with herpes zoster complicated by depression.METHODS Patients with herpes zoster complicated by depression who were treated at the Yantai Hospital of Traditional Chinese Medicine from January 2021 to December 2022 were retrospectively selected as research participants.Among them,43 patients with herpes zoster complicated by depression who received SSRI treatment between January and December 2021 were assigned to the Western medicine group,while those who received combined treatment of traditional Chinese and Western medicine between January and December 2022 were assigned to the combined group.Both groups were treated for eight weeks.The degree of pain,effect of herpes zoster treatment,degree of improvement in depressive symptoms,serum neurotransmitter levels,sleep quality,and occurrence of adverse reactions were compared between the two groups.RESULTS We found that after eight weeks of drug treatment,the two treatment schemes achieved differing efficacy.In further comparison,we found that,compared with patients treated with SSRIs alone,patients treated with Chuanjin Qinggan decoction combined with SSRIs showed more significant improvement in depression and a greater increase in dopamine and 5-hydroxytryptamine levels after treatment(P<0.05).Patients treated with Chuanjin Qinggan decoction combined with SSRIs also experienced lower pain,better treatment efficacy for herpes zoster,better sleep quality,and a lower incidence of adverse reactions compared to those treated with SSRIs alone(P<0.05).All minor adverse reactions occurring during treatment were resolved after symptomatic treatment.CONCLUSION The treatment scheme of Chuanjin Qinggan decoction combined with SSRIs can improve the psychological state of patients with herpes zoster complicated by depression and alleviate adverse reactions.
