Table 5.

“Triple Difference” Estimates Synthetic Control Estimate of Most Treated Zip Codes minus Synthetic Control Estimate of Least Treated Zip Codes

	21 Treatment States	14 Treatment States
	26 Potential Control States	24 Potential Control States
Outcome	Estimates (p-value)	Estimates (p-value)
	(1)	(2)
Credit Score	−0	−0
Credit Score	(0.999)	(0.795)
Total Balance	−399	−980^***
Total Balance	(0.105)	(0.000)
Total Balance Past Due	77	96
Total Balance Past Due	(0.166)	(0.139)
Total Credit Card Balance	35	185^**
Total Credit Card Balance	(0.460)	(0.026)
Total Credit Card Balance Past Due	7	−21
Total Credit Card Balance Past Due	(0.877)	(0.663)
Total Collections Balance in Past 12 Months	−57^***	−89^***
Total Collections Balance in Past 12 Months	(0.004)	(0.000)
Number of Collections in Past 12 Months	−0.046^**	−0.043^**
Number of Collections in Past 12 Months	(0.012)	(0.040)
Bankruptcy in Past 24 Months	−0.002^**	−0.000
Bankruptcy in Past 24 Months	(0.050)	(0.756)

Table 5 reports the estimates of the post-2014 differences in financial indicators between most and least treated zip codes for the treated and synthetic control states for non-elderly adults. The synthetic control weights are determined by matching on all values of the dependent variable in the pre-reform period. Column (1) presents the results for the broad sample with 21 treatment states and 26 potential control states. Column (2) presents the results for the narrow sample with 14 treatment states and 24 potential control states. For each expansionary definition, we present the average post-reform quarterly difference between the treated states and their synthetic counterpart. In all results, AK, IN, NH, and PA are dropped. Bolded results are also significant at the 5% level when the Holm-Bonferroni correction using 8 outcomes is applied to assess absolute gap p-values.

Significance levels:

10%,

^**

5%,

^***

1%.