Financiamento ao consumo: efeito de parcelamento e juros sobre a demanda de eletroeletrônicos de consumidores com restrição de acesso a crédito
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2017-02-09
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Orellano, Verônica Inês Fernandez
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This paper consists of a study over the impact of interest rates and maturities of loans for electronics and home appliances in Brazil, designed for consumers with credit constraints. Using micro data on loans of one of the largest retailers in the Brazilian market, some econometric models were built using conditional and nested logit approach, in order to estimate elasticities of loan demand with respect to the interest rate, the maturity of the loan and the terms value. Moreover, marginal substitution rates were also estimated between those attributes to evaluate consumer’s propensity to choose different combinations of loan conditions. Given the number of different product categories sold by this retailer, two of the most important were selected. The results suggest that the interest rate, the payment terms and the loan maturity are important factors on consumer decision. Loan demand is leveraged by loan’s smaller interest rates and payment terms. However, there is a material marginal substitution rate between payment terms and loan maturity or interest rate. This means that consumers are highly prone to change from loans with higher payment terms to others with lower ones, even if they face higher interest rates and longer terms to maturity. Results also suggest that consumers are not really aware of the real value paid for these products.