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Credit
Kinds of Credit Terms modified by Credit Selected AbstractsWHICH VARIABLES EXPLAIN DECISIONS ON IMF CREDIT?ECONOMICS & POLITICS, Issue 2 2005AN EXTREME BOUNDS ANALYSIS This paper analyses which economic and political factors affect the chance that a country receives IMF credit or signs an agreement with the Fund. We use a panel model for 118 countries over the period 1971,2000. Our results, based on extreme bounds analysis, suggest that it is mostly economic variables that are robustly related to IMF lending activity, while most political variables that have been put forward in previous studies on IMF involvement are non-significant. To the extent that political factors matter, they seem more closely related to the conclusion of IMF agreements than to the disbursement of IMF credits. [source] DEALER PRICING OF CONSUMER CREDIT*INTERNATIONAL ECONOMIC REVIEW, Issue 4 2005Giuseppe Bertola Price discrimination incentives may induce dealers to bear the financial cost of their customers' credit purchases. We focus on how financial market imperfections make it possible to segment the customer population. When borrowing and lending rates differ from each other and from the rate of interest on a durable good purchase, the structure of those rates influences customers' choices to purchase on credit or cash terms, and the scope for dealers' price discrimination. Empirical analysis of a set of installment-credit, personal-loan, and regional interest rate data offers considerable support to the assumptions and implications of our theoretical framework. [source] GETTING CREDIT FOR PROACTIVE BEHAVIOR:SUPERVISOR REACTIONS DEPEND ON WHAT YOU VALUE AND HOW YOU FEELPERSONNEL PSYCHOLOGY, Issue 1 2009ADAM M. GRANT Although proactive behavior is important in organizations, it is not always appreciated by supervisors. To explain when supervisors reward proactivity with higher overall performance evaluations, we draw on attribution theory. We propose that employees' values and affect send signals about their underlying intentions, which influence supervisors' attributions about whether employees deserve credit for proactive behaviors. More specifically, we hypothesize that if employees express strong prosocial values or low negative affect, the proactive behaviors of voice, issue-selling, taking charge, and anticipatory helping will have stronger relationships with supervisors' performance evaluations. We test these hypotheses with samples of 103 managers and their direct supervisors (Study 1) and 55 firefighters and their platoon supervisors (Study 2). The hypotheses were supported in both studies, suggesting that proactive behaviors are more likely to contribute to higher supervisor performance evaluations when employees express strong prosocial values or low negative affect. [source] The Distribution of Subsidized Agricultural Credit in Brazil: Do Interest Groups Matter?DEVELOPMENT AND CHANGE, Issue 3 2001Steven M. Helfand This article examines the unequal distribution of credit and credit subsidies in the Brazilian agricultural sector from 1969 to 1990. Total credit subsidies exceeded US$ 40 billion in this period. The distribution across crops is studied econometrically. After controlling for area, the crops that benefited most had superior access to credit institutions, were tradeable, had high prices, and were not perennials. Proxies for collective action by crop were an unimportant determinant of credit policy, while a bias in favour of large producers was evident. Alternative explanations for this bias are discussed, including collective action by farm size and transaction costs in lending. [source] A Quantitative Theory of Unsecured Consumer Credit with Risk of DefaultECONOMETRICA, Issue 6 2007Satyajit Chatterjee We study, theoretically and quantitatively, the general equilibrium of an economy in which households smooth consumption by means of both a riskless asset and unsecured loans with the option to default. The default option resembles a bankruptcy filing under Chapter 7 of the U.S. Bankruptcy Code. Competitive financial intermediaries offer a menu of loan sizes and interest rates wherein each loan makes zero profits. We prove the existence of a steady-state equilibrium and characterize the circumstances under which a household defaults on its loans. We show that our model accounts for the main statistics regarding bankruptcy and unsecured credit while matching key macroeconomic aggregates, and the earnings and wealth distributions. We use this model to address the implications of a recent policy change that introduces a form of "means testing" for households contemplating a Chapter 7 bankruptcy filing. We find that this policy change yields large welfare gains. [source] Credit and debt in Indonesia, 860,1930: from peonage to pawnshop, from Kongsi to cooperative , Edited by David Henley and Peter BoomgardECONOMIC HISTORY REVIEW, Issue 2 2010PIERRE VAN DER ENG No abstract is available for this article. [source] Credit and village society in fourteenth-century England , By Chris BriggsECONOMIC HISTORY REVIEW, Issue 1 2010JANE WHITTLE No abstract is available for this article. [source] Calculating credibility: print culture, trust and economic figures in early eighteenth-century England1ECONOMIC HISTORY REVIEW, Issue 4 2007NATASHA GLAISYER Credit in early modern England has been studied by both social historians of the market and historians of the book. The intersection of these literatures is explored by asking the question: how did producers of books about interest (which was closely connected to credit) convince readers that their books could be trusted? One particular book is considered: a palm-sized book of interest calculations by John Castaing. Most importantly, and unusually, many copies of this book contain his signature, which, it is argued, must be interpreted in the context of the particular role that signatures played in guaranteeing financial transactions. [source] Bank Mergers, Information, Default and the Price of CreditECONOMIC NOTES, Issue 1 2006Margarida Catalăo- Lopes This paper addresses the impact of bank mergers on the price of firm credit, through an information channel. It is shown that, as bank mergers imply a wider spreading of information among banks concerning firms' past defaults, they may increase the expected revenue from lending. Therefore, interest rates may decline as long as a sufficiently competitive environment is preserved. A fall in interest rates, in turn, reduces the incentives for firms to strategically default, which reinforces the downward effect on the price of credit. The results are a function of the level of information sharing and of the sensitivity of the default probability to the interest rate. [source] Does Trade Credit Substitute Bank Credit?ECONOMIC NOTES, Issue 1 2005Evidence from Firm-level Data The paper examines micro data on Italian manufacturing firms' inventory behaviour to test the Meltzer (1960) hypothesis according to which firms substitute bank credit with trade credit (TC) during money tightening. We find that inventory investment of Italian manufacturing firms is constrained by their availability of TC and that this effect more than doubles during monetary restrictions. As for the magnitude of the substitution effect, however, we find that it is not sizeable. This is in line with the micro theories of TC and the evidence on actual firm practices, according to which credit terms display modest variations over time. [source] Monetary Policy, Credit and Aggregate Supply: The Evidence from ItalyECONOMIC NOTES, Issue 3 2002Riccardo Fiorentini This paper concerns theory and evidence of the monetary transmission mechanisms. Current research has deeply investigated factors, such as dependence of firms on bank credit, that amplify the impact of monetary policy impulses on aggregate demand exerting strong but temporary effects on output and employment. We present an intertemporal macroeconomic equilibrium model of a competitive economy where current production is financed by bank credit, and then we use it to identify supply,side effects of the credit transmission mechanism in data drawn from the Italian economy. We find evidence that the ,credit variables' identified by the model , the overnight rate as a proxy of monetary policy and a measure of credit risk , have permanent effects on employment and output by altering credit supply conditions to firms. To save on space, mathematical proofs, statistical tests and data sources have been gathered in two separate appendices that can be examined on request. (J.E.L.: E2, E5). [source] Housing, Credit and the EconomyECONOMIC OUTLOOK, Issue 4 2007Article first published online: 30 OCT 200 First page of article [source] Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth.ECONOMICA, Issue 300 2008By WYNNE GODLEY, MARC LAVOIE No abstract is available for this article. [source] The Labour Market Impact of the Working Families' Tax CreditFISCAL STUDIES, Issue 1 2000RICHARD BLUNDELL Abstract In October 1999, the working families' tax credit (WFTC) replaced family credit as the main package of in-work support for families with children. Among a range of stated aims, the WFTC is intended to,, improve work incentives, encouraging people without work to move into employment'. In this paper, we consider the impact of WFTC on hours and participation. To simulate labour supply responses, we use a discrete behavioural model of household labour supply with controls for fixed and childcare costs, and unobserved heterogeneity. In simulation, we experiment with a number of scenarios regarding the take-up of the credit, entry wage level and hourly childcare price. We find participation rates among single mothers to increase by around 2.2 percentage points for the base-case scenario, while for married women participation rates are modelled to fall. Our simulation results indicate a small increase in overall participation of around 30,000 individuals. [source] Credit programs for the poor and the health status of children in rural bangladesh*INTERNATIONAL ECONOMIC REVIEW, Issue 1 2003Mark M. Pitt The impact of participation in group-based credit programs, by gender of participant, on the health status of children by gender in rural Bangladesh is investigated. These credit programs are well suited to studies of how gender-specific resources alter intra-household allocations because they induce differential participation by gender. Women's credit is found to have a large and statistically significant impact on two of three measures of the healthiness of both boy and girl children. Credit provided to men has no statistically significant impact and the null hypothesis of equal credit effects by gender of participant is rejected. [source] The Determinants of Bank Credit in Industrialized Countries: Do Property Prices Matter?INTERNATIONAL FINANCE, Issue 2 2004Boris Hofmann In this study, we analyse the determinants of bank credit to the private non-financial sector in 16 industrialized countries based on a cointegrating VAR. Cointegration analysis suggests that property prices are an important determinant of the long-run borrowing capacity of the private sector, which needs to be taken into account to explain the long-run movements of bank lending. Impulse response analysis reveals that innovations to property prices also have a highly significant and persistent positive dynamic effect on bank lending. This result suggests that innovations to property prices may give rise to significant and persistent cycles in bank lending and are thus a potential explanation for the persistent financial cycles observed in the past. [source] The Implications of Trade Credit for Bank Monitoring: Suggestive Evidence from JapanJOURNAL OF ECONOMICS & MANAGEMENT STRATEGY, Issue 2 2008Yoshiro Miwa Firms in modern developed economies borrow from both banks and trade partners. Using Japanese manufacturing data from the 1960s, we estimate the price of trade credit, and explore some of the ways firms choose between the credit and bank loans. We find that firms of all sizes borrow heavily from their trade partners, and at implicit rates that track the explicit rates banks would charge. They borrow from banks when they anticipate needing money for relatively long periods; they turn to trade partners when they face short-term unexpected exigencies. This apparent contrast in the term structures follows, we suggest, from the fundamentally different way bankers and trade partners cut default risk. Because bankers seldom know their borrowers' industries first hand, they rely on formal legal protection (like security interests). Because trade partners know the industry well, they reduce risk by monitoring their borrowers closely instead. Because the costs to creating legal mechanisms are heavily front-loaded, bankers focus on long-term debt; because the costs of monitoring debtors are ongoing, trade creditors do not. Apparently, banks monitor less than we have thought. [source] Regulation Avoidance in the Banking Industry: The Case of 364 Day Lines of CreditJOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, Issue 3 2000Michael Mosebach The purpose of this case is to offer a demonstration of Kane's regulatory dialectic and to discuss a line of credit that is a result of the interaction between the regulators and the regulated. Banks have been affected by new capital requirements. Calculation of these requirements considers not only on-balance sheet activities but off-balance sheet activities. Prior to these requirements, banks issued one year lines of credit for 365 days. These lines of credit have since been replaced with 364 day lines of credit. With maturity less than one year, the percentage of lines of credit considered in the calculations for required capital is reduced from 50% to 20%. Lines of credit are well established financial instruments and there is no reason, other than the changes in regulations, to make banks change the maturity dates by one day. [source] The Effect of Bank Credit on Asset Prices: Evidence from the Japanese Real Estate Boom during the 1980sJOURNAL OF MONEY, CREDIT AND BANKING, Issue 1 2008NADA MORA bank credit; asset prices; financial regulation This paper studies whether bank credit fuels asset prices. Financial deregulation during the 1980s allowed keiretsus to obtain finance publicly and reduce their dependence on banks. Banks that lost these blue-chip customers increased their property lending, and serve as an instrument for the supply of real estate loans. Using this instrument, I find that a 0.01 increase in a prefecture's real estate loans as a share of total loans causes 14,20% higher land inflation compared with other prefectures over the 1981,91 period. The timing of losses of keiretsu customers also coincides with subsequent land inflation in a prefecture. [source] Preventable but not prevented: the reality of cervical cancer,JOURNAL OF OBSTETRICS AND GYNAECOLOGY RESEARCH (ELECTRONIC), Issue 5 2003Usha B. Saraiya Abstract Introduction: The incidence of invasive cervical cancer has decreased in the last 50 years in the developed countries substantially due to the use of routine pap smears. However, in the Asia,Oceanic region it continues to be high as screening programs are not established. Credit for starting cytology services in India goes to Professor P.N. Wahi of Agra. He became Founder President when about 34 cytologists got together in 1970 to form the Indian Academy of Cytologists. Since then cytology has spread through all parts of India. The Cytology Clinic in Cama & Albless Hospital was started in the same year. Since then over 100 000 women have been screened. Approximately 1200 cases of pre- and early cancers have been detected and treated. Since 1982 we are aware of the important role of human papillomavirus infection. We diagnose it by cytology and colposcopy and histology. Facilities for polymerase chain reaction, in-situ hybridization and other virology studies are not available to us. CO2 laser treatment is found particularly useful in multicentric human papillomavirus disease. Screening for the State of Maharashtra: Since 1984 we have planned for a screening program for our State. We have a population of 78.9 million. Approximately 15 million women in the age group of 35,64 years have to be screened. The health care infrastructure is good with 36 medical colleges and over 35 district hospitals. Screening is planned in phases. Trained personnel are the key to a successful program. In the final analysis, cervical cancer is not just a biomedical disease. It has socio-cultural and economic implications. [source] Welfare, Work and Banking: The Use of Consumer Credit by Current and Former TANF Recipients in Charlotte, North CarolinaJOURNAL OF URBAN AFFAIRS, Issue 4 2005Michael A. Stegman Using data from a 2001 North Carolina household survey of low-income households, we analyze banking and credit behavior of current and recent welfare recipients in Charlotte, North Carolina. Other things equal, TANF families are 70% less likely than other low-income families to have a bank account and much more likely to have participated in a credit counseling program. Except for more frequent contact with bill collectors and credit counselors, leavers are no different from other low income families struggling to make ends meet. Race also matters when it comes to accessing mainstream banking and credit systems. Targeted programs help TANF families gain greater access to the financial mainstream. When it comes to specialization programs, however, those involved in the welfare system are not very different from other poor families. However, by virtue of their formal involvement with TANF, this population can be more efficiently served than other low-income populations. For this reason and the desire to keep families from recycling back onto welfare rolls, TANF programs should address banking and credit issues. [source] Editorial: Determining Authorship Deciding on Authorship: Giving Credit Where It Is Due (and Only Where It Is Due)JOURNAL OF VETERINARY INTERNAL MEDICINE, Issue 4 2006Stephen P. DiBatola No abstract is available for this article. [source] Type 2 Diabetes: Fueling the Surge of Cardiovascular Disease in WomenNURSING FOR WOMENS HEALTH, Issue 6 2008Emily J. Jones BSN Objectives Upon completion of this activity, the learner will be able to: 1Recognize and identify the interrelated risk factors that contribute to the development of type 2 diabetes and cardiovascular disease (CVD) in women. 2Formulate strategies that result in the early identification of women at risk for developing type 2 diabetes and CVD. 3Describe intervention strategies for the prevention and treatment of type 2 diabetes and CVD in women. Continuing Nursing Education (CNE) Credit A total of 2 contact hours may be earned as CNE credit for reading "Type 2 Diabetes: Fueling the Surge of Cardiovascular Disease in Women" and for completing an online post-test and participant feedback form. To take the test and complete the participant feedback form, please visit http://JournalsCNE.awhonn.org. Certificates of completion will be issued on receipt of the completed participant feedback form and processing fees. AWHONN is accredited as a provider of continuing nursing education by the American Credentialing Center's Commission on Accreditation. Accredited status does not imply endorsement by AWHONN or ANCC of any commercial products displayed or discussed in conjunction with an educational activity. AWHONN also holds California and Alabama BRN numbers: California CNE provider #CEP580 and Alabama #ABNP0058. [source] 3.,Money, Credit, and CrisisAMERICAN JOURNAL OF ECONOMICS AND SOCIOLOGY, Issue 4 2009Mason Gaffney The financial crisis of 2008,2009 has antecedents in earlier crises, including the Great Depression. In order to understand how the current crisis arose, we must review the most fundamental principles of banking. Doing that, we find that the main service performed by banks is the creation of liquidity, a collective good that can be destroyed by the behavior of individual financial institutions. The key element in creating liquidity is the monetization of various types of collateral. When collateral takes the form of land or capital that turns over slowly, banks lose liquidity. That is why major banking crises have frequently been associated with real estate lending. The best way to restore health to the financial system is by restoring the principles of the "real bills" doctrine that requires loans to be self-liquidating. [source] Borrower Credit and the Valuation of Mortgage-Backed SecuritiesREAL ESTATE ECONOMICS, Issue 4 2005Francis A. Longstaff We study the valuation of mortgage-backed securities when borrowers may have to refinance at premium rates because of their credit. The optimal refinancing strategy often results in prepayment being delayed significantly relative to traditional models. Furthermore, mortgage values can exceed par by much more than the cost of refinancing. Applying the model to an extensive sample of mortgage-backed security prices, we find that the implied credit spreads that match these prices closely parallel borrowers' actual spreads at the origination of the mortgage. These results suggest that models that incorporate borrower credit into the analysis may provide a promising alternative to the reduced-form prepayment models widely used in practice. [source] Complementary Credit and Trust: The Only, but Narrow Path to Worldwide Optimal Breast CareTHE BREAST JOURNAL, Issue 2006László Vass MD No abstract is available for this article. [source] The Color of Credit: Mortgage Discrimination, Research Methodology, and Fair-Lending EnforcementTHE ECONOMIC JOURNAL, Issue 499 2004Ronel Elul First page of article [source] Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and WealthTHE ECONOMIC RECORD, Issue 273 2010William Coleman No abstract is available for this article. [source] DEVELOPING COUNTRY BORROWING FROM A MONOPOLISTIC LENDER: STRATEGIC INTERACTIONS AND ENDOGENOUS LEADERSHIP,THE JAPANESE ECONOMIC REVIEW, Issue 2 2009SAQIB JAFAREY We develop a two-period model with endogenous investment and credit flows. Credit is subject to quantitative restrictions. With an exogenous restriction, we analyse the welfare effects of a temporary consumption tax. We then consider three scenarios under which a monopoly lender optimally decides the level of credit and a borrower country chooses a consumption tax: one in which the two parties act simultaneously and two scenarios where one of them is a Stackleberg leader. The equilibrium under the leadership of the borrower country is Pareto superior to the simultaneous move equilibrium but may or may not be to that under the leadership of the lender. If the sequence of moves is itself chosen strategically, leadership by the borrower emerges as the unique equilibrium. [source] On the Optimality of Restricting Credit: Inflation Avoidance and ProductivityTHE JAPANESE ECONOMIC REVIEW, Issue 3 2000Max Gillman The paper presents a model in which the consumer uses up resources in order to avoid the inflation tax through the use of exchange credit. In an example economy without capital, the credit tax is optimal when the resource loss from credit use dominates the productivity effect and the inefficiency of substitution towards leisure as a result of the credit tax. The paper also examines second-best inflation policy in this context, given a credit tax. It then extends the economy to an endogenous growth setting and shows how restricting inflation avoidance can increase productivity. JEL Classification Numbers: E13, E51, E61, G21. [source] | ||||||||||||||||||||||||||||||||||||||||||||||||||||