A Research on The Default Risk of Credit Card Clients in THAILAND
Keywords:
Contract theory, Default, Bounded rationality, Credit cardAbstract
Credit relationship is one of the most important research objects in the financial industry. In recent years, the default risk of credit card in Thailand is gradually higher, the loss has caused the waste of social resources, and also threatened the security of the financial system. This paper is based on contract theory, though logistic multiple regression analysis on credit card default phenomenon, author gets conclusion by the method of empirical research, the personal credit relationship is essentially a concrete form of social contractual relationship in the financial field. This paper attempts to re-understand the personal credit relationship between debtor and creditor from the perspective of incomplete contract theory, builds a credit card default risk identification model. Based on analysis of Default Risk Identification Model, author finds It is unreliable to rely solely on social credit records, the society should establish a dynamic regulation and incentive mechanism in the aspects of legal system, the evolution of credit contract relationship and credit information transmission mechanism. In addition, the research also found that gender differences have an impact on default, this proves the existence of bounded rationality in credit behavior from a gender perspective, this also verifies the validity of the bounded rational hypothesis in the incomplete contract theory, which provides a realistic case for the research of incomplete contract theory
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