Columns 3 through 6 repeat the fuzzy RD regression with
the outcomes default (1), default (4), default (5), and default (12)which correspond to whether a borrower
is 30 days late as of one month, three months, five months, and 12 months after January 2010, respec-
tively. Standard errors are clustered at the “comuna” level (332 clusters), a Chilean geographical division
similar to a US county. ∗, ∗∗, and ∗∗∗ represent significance at the 10%, 5%, and 1% levels, respectively