Garber, Gabriel; Mian, Atif; Ponticelli, Jacopo; Sufi, Amir - National Bureau of Economic Research - 2021
From 2011 to 2014, the Brazilian government conducted a heavily advertised major credit expansion program through … financial literacy. We trace the impact of credit stimulus on borrowers' consumption through the 2011-16 business cycle, and … find that the credit stimulus resulted in higher consumption volatility and lower average consumption over the cycle. Our …