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Borrowing
Kinds of Borrowing Terms modified by Borrowing Selected AbstractsON THE SUSTAINABILITY OF GOVERNMENT BORROWING IN A DYNAMIC GENERAL EQUILIBRIUMPACIFIC ECONOMIC REVIEW, Issue 5 2007Article first published online: 1 NOV 200, Atsumasa Kondo The limitation level of the government borrowing for which a dynamic equilibrium and the no Ponzi Game condition are compatible with each other is explicitly derived. The critical level depends on the long-run interest rate, primary balance, money supply etc. [source] OPTIMAL FOREIGN BORROWING REVISITEDTHE JAPANESE ECONOMIC REVIEW, Issue 3 2010HYEON-SEUNG HUH Foreign capital has become increasingly important in financing investment and growth in developing countries. Foreign capital flows, however, can be volatile as is evident from the recent financial crises. It has also recently been noted by researchers that there is little systematic empirical evidence that foreign capital contributes to the economic growth of developing countries. In this context, this paper attempts to theoretically reevaluate the borrowing behaviour of a developing economy that relies on foreign borrowing for its capital formation. In particular, this paper investigates the implications of different lending policies of international financial institutions. It is found that no matter whether the borrowing interest rate increases with the level of foreign debt per capita or with the foreign-capital/total-capital ratio, the economy always moves toward the stationary state. The result holds even when the representative agent regards the interest rate given as constant. This implies that foreign borrowing does help economic growth, irrespective of lending policies of international financial institutions. [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] NEW ESTIMATES OF AUSTRALIAN PUBLIC BORROWING AND CAPITAL RAISED IN LONDON, 1849,1914AUSTRALIAN ECONOMIC HISTORY REVIEW, Issue 2 2007Article first published online: 7 JUN 200, Bernard Attard Australia; capital market; debt; foreign exchange; statistics Current statistics of Australian public borrowing to 1914 suffer from several limits. On the basis of a comprehensive revision, an upward bias is shown in all the alternative time series of London borrowing, while statistics of local bond issues are derived for the first time. The new time series show the importance of the initial borrowing cycle during the 1850s and 1860s; the scale of debt repatriation from the mid-1890s; the interaction between domestic and overseas borrowing before the 1880s; and the potential significance of remittance as an ,invisible stabiliser' of the exchanges and alternative indirect source of capital imports. [source] Standing Facilities and Interbank Borrowing: Evidence from the Federal Reserve's New Discount WindowINTERNATIONAL FINANCE, Issue 3 2003Craig Furfine Standing facilities are designed to place an upper bound on the rates at which financial institutions lend to one another overnight, reducing the volatility of the overnight interest rate, typically the rate targeted by central banks. However, improper design of the facility might decrease a bank's incentive to participate actively in the interbank market. Thus, the mere availability of central-bank-provided credit may lead to its use being greater than what would be expected based on the characteristics of the interbank market. By contrast, however, banks may perceive a stigma from using such facilities, and thus borrow less than what one might expect, thereby reducing the facilities' effectiveness at reducing interest rate volatility. We develop a model demonstrating these two alternative implications of a standing facility. Empirical predictions of the model are then tested using data from the Federal Reserve's new primary credit facility and the US federal funds market. A comparison of data from before and after recent changes to the discount window suggests continued reluctance to borrow from the Federal Reserve. [source] ETHIOPIA: Freeze on BorrowingAFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 2 2009Article first published online: 7 APR 200 No abstract is available for this article. [source] Small Business Borrowing and the Owner,Manager Agency Costs: Evidence on Finnish DataJOURNAL OF SMALL BUSINESS MANAGEMENT, Issue 1 2010Mervi Niskanen This study investigates the impact that managerial ownership has on loan availability and credit terms. We find that managerial ownership is common in a sample of small and medium-sized Finnish firms. Our results suggest that an increase in managerial ownership decreases loan availability. The results on loan interest rates suggest that though an increase in managerial ownership initially increases interest rates, the effect is reversed at higher levels of ownership. Collateral requirements increase monotonically with managerial ownership. Overall, the results suggest that banks view that there are agency costs involved with managerial ownership even in small and medium-sized firms and that this is taken into account when lending to these firms. [source] Love's Usury, Poet's Debt: Borrowing and Mimesis in Shakespeare's SonnetsLITERATURE COMPASS (ELECTRONIC), Issue 3 2007Christopher Thurman This essay was runner-up in the 2006 Literature Compass Graduate Essay Prize, Shakespeare Section. In Shakespeare's sonnets, sustained self-reflexive deliberation on the nature of poetic representation is at times figured in terms of the nascent capitalism of early modern England: an intersection of ,mimesis' and ,economics' that is manifested in images of usury found in a number of the sonnets. This article surveys critical responses (by David Hawkes, James Dawes, Thomas Greene, John Mischo, Howard Felperin and others) that offer some insight into this aspect of Shakespeare's work. In doing so, the article attempts to reconcile potentially divergent perspectives on Shakespeare; it also suggests new ways in which the sonnets can be read, revisiting the relationship of the speaker/poet not only to certain figures in the sonnet sequence (the ,fair youth' and the ,dark lady') but also , perhaps more importantly , to his own poetic enterprise. [source] From privatized to government-administered tax collection: tax farming in eighteenth-century France1ECONOMIC HISTORY REVIEW, Issue 4 2004EUGENE N. WHITE The establishment of a government bureaucracy to collect taxes is regarded as one of the essential features of a modern economy. While Britain is considered a pioneer, France has been treated as a laggard because of continued reliance on tax farming. Focusing on the largest tax farm, France's late transition from private to government tax collection is explained in a principal-agent context by the difficulties of monitoring employees and borrowing at low cost in the capital market. Tax farmers continued to earn high returns, absorbing the risk of fluctuating collections, leaving the Crown with lower revenue. [source] BEQUEST RECEIPT AND FAMILY SIZE EFFECTSECONOMIC INQUIRY, Issue 1 2010NATHAN D. GRAWE This article tests the connection between credit constraints and negative family size effects on child earnings using bequest receipt to signal access to credit markets. The dominant economic model of fertility predicts a negative relationship between family size and child achievement. In the model, limits on borrowing create this "quality-quantity trade-off." This article tests for the relevance of credit constraints using Panel Study of Income Dynamics data to compare family size effects across groups defined by bequest receipt. Contrary to the credit constraints explanation, those receiving large bequests exhibit large family size effects, while those not receiving bequests show little to no effect. (JEL J13, D1, I2) [source] Greek Monetary Economics in Retrospect: The Adventures of the DrachmaECONOMIC NOTES, Issue 3 2005Sophia Lazaretou This paper enumerates the adventures of the drachma step by step, dividing its story into seven parts. Specifically, its main purpose is to present some historical perspective on the behaviour of the monetary and fiscal policies pursued in Greece during the period from the early 1830s until the introduction of the euro. For Greece, the lessons of historical experience are very important. Since the formation of the modern Greek state, government officials have striven , sometimes making hard efforts , to keep abreast of international monetary developments. This was because they understood that the participation of a peripheral, poor and inflation-prone country with a weak currency and an underdeveloped money market, like Greece of the time, in a monetary club of powerful economies could improve her international credit standing and imply important benefits in terms of exchange rate and monetary stability, and long-term foreign borrowing. [source] Optimal Dynamic Trading StrategiesECONOMIC NOTES, Issue 1 2004Douglas T. Breeden This article presents a straightforward technique for computing solutions to discrete, multi-period consumption/investment problems. It solves for the optimal stochastic consumption plans, as well as the optimal dynamic trading strategies that maximize utility for an individual. The technique permits general utility functions that may or may not be time-separable. It also allows general changes in the investment opportunity set and allows the user to impose upper and lower bounds on trading behaviour. Divergent borrowing and lending rates can be handled, as can stochastic labour income risks. Computed solutions verify the predictions of well-known intertemporal works by Merton, Breeden and others. J.E.L.:G13). [source] Perverse Effects of an External Ratings-Related Capital Adequacy SystemECONOMIC NOTES, Issue 3 2001Patrick Honohan It has recently been proposed that banks should be allowed to hold less capital against loans to borrowers who have received a favourable rating by an approved external credit assessment institution (ECAI), or rating agency. But a plausible model of rating agency behaviour shows that this strategy could have perverse results, actually increasing the risk of deposit insurance outlays. First, there is an issue of signalling, whereby low-ability borrowers may alter their behaviour so as to secure a lower capital requirement for their borrowing. Second, the establishment of a regulatory cut-off may actually reduce the amount of risk information made available by raters. Besides, the credibility of rating agencies may not be damaged by neglect of the risk of unusual systemic shocks, though it is these that cause the major bank failure costs. (J.E.L.:E53, G21, G33) [source] Why Do Mortgage Markets Matter?ECONOMIC OUTLOOK, Issue 4 2000Geoffrey Meen 1999 saw the return of large scale mortgage equity - ie mortgage borrowing to finance consumption rather than house purchase - for the first time for a decade. Recent developments of the OEF macroeconometric model of the UK economy have focused on the determination of mortgage lending, looking in particular at the impact of downpayment constraints - ie the deposit borrowers have to put down when they buy a house. In this article, Geoffrey Meen uses this model to analyse the effects of mortgages on: (i) the cycle in the UK housing market at a national level; (ii) regional house price differentials; and (iii) aggregate savings and consumer behaviour. [source] FISCAL DECENTRALIZATION AND THE BUSINESS CYCLE: AN EMPIRICAL STUDY OF SEVEN FEDERATIONSECONOMICS & POLITICS, Issue 1 2010JONATHAN RODDEN Although fiscal policies of central governments sometimes provide modest insurance against regional income shocks, this paper shows that procyclical fiscal policy among provincial governments can easily overwhelm these stabilizing effects. We examine the cyclicality of budget items among provincial governments in seven federations, showing that own-source taxes are generally highly procyclical, and contrary to common wisdom, revenue sharing and discretionary transfers are either acyclical or procyclical. Constituent governments are thus left alone to smooth their own shocks, and we document the extent to which various restraints on borrowing and saving undermine their ability to do so. The resulting procyclicality of provincial fiscal policy is likely to have important implications in a world where demands for countercyclical fiscal policy are increasing but considerable fiscal responsibilities are being devolved to subnational governments. [source] National Qualification Frameworks: from policy borrowing to policy learningEUROPEAN JOURNAL OF EDUCATION, Issue 2 2010BORHENE CHAKROUN This article takes up the issue of the internationalisation of Vocational Education and Training (VET) reforms, expressed in the way policy instruments such as National Qualifications Frameworks (NQF) are introduced in the European Training Foundation's (ETF) partner countries. There is an international debate and different perspectives regarding NQFs. These perspectives have largely talked past each other. The article brings together these perspectives and highlights the issues at stake in this field. Through the analysis of ETF interventions in different regions, the article makes a case for new approaches of intervention, namely policy learning, that aim at enabling national stakeholders and that are conducive for home-grown VET policies. The discussion is broad in scope, not only because the article reviews developments in qualifications frameworks across-regions, but also because it highlights the complex interaction of the global and local development when introducing NQFs and the impact of such reforms on VET systems. [source] An adaptive min,max fair bandwidth allocation scheme for cellular multimedia networksEUROPEAN TRANSACTIONS ON TELECOMMUNICATIONS, Issue 5 2006Mohammad Mahfuzul Islam Depending on the flexibility in controlling the transmission rate and the differences between on-line (real time) and off-line transmission modes, multimedia applications can potentially include a wide range of services, with the traditional stringent quality-of-service (QoS) requirement at the extreme to the highly adaptive ones that can tolerate or smartly adapt to the transient fluctuations in the QoS parameters. Keeping the cellular multimedia networks efficient with low call dropping and blocking rates and high bandwidth utilisation while maintaining a fair distribution of bandwidth by synergistically addressing the differences among these services remains a significant challenge. This paper addresses this issue by developing a novel min,max fairness scheme where bandwidth is distributed with equal share only after ensuring the minimum requirements. Besides borrowing in-use bandwidth through redistribution, this scheme also allows for using the reserved bandwidth for the offline services. Simulation results confirm the superiority of this scheme against the rate-based borrowing and the max,min fairness schemes, the two most recent works addressing similar issues. Copyright © 2005 AEIT. [source] Optimal Policy for Financial Market Liberalizations: Decentralization and Capital Flow ReversalsGERMAN ECONOMIC REVIEW, Issue 1 2000Theo S. Eicher Financial market liberalizations are an integral part of economic development. While initial booms in investment and output are commonly seen as signs of successful deregulation, they often reverse at a later stage as international capital flows turn negative and economic growth slows markedly. Such reversals of fortunes have commonly been attributed to incorrect policies that supposedly followed the initial, appropriate measures. It is unclear, however, if capital flow reversals are actually the result of policy reversals, or if they occur as part of the normal transition when financial liberalization is accompanied by a single suboptimal policy. The later hypothesis has not been explored in the theoretical literature We construct a general equilibrium growth model of a small open economy, in which capital flow reversals are the result of a single, suboptimal policy imposed at the beginning of the financial liberalization. We show how improper taxation of foreign borrowing initially leads to strong growth fuelled by an investment boom and foreign borrowing. Still along the transition, however, the model predicts that capital flows must reverse endogenously at a later stage, as the debt burden rises and the country-specific risk premium increases. Our data on the Latin American and East Asian countries provide strong support for our hypothesis. [source] Warnings in manufacturing: Improving hazard-mitigation messaging through audience analysisHUMAN FACTORS AND ERGONOMICS IN MANUFACTURING & SERVICE INDUSTRIES, Issue 6 2010Richard C. Goldsworthy Abstract Hazard mitigation, including warning development, validation, and dissemination, is an important aspect of product safety and workplace and consumer protection. Understanding our audiences,workers and consumers,is an especially important, often overlooked, aspect of risk and harm reduction efforts. In this article, particular attention is paid to audience analysis in hazard communication and warning messaging, with a focus on the potential role of latent class analysis (LCA). We provide an example of using LCA to analyze a hazardous behavior: prescription medicine sharing and borrowing. Four distinct groups of people,ranging from abstainers to at-risk sharers,are identified and discussed. Building better warnings and risk communication techniques is essential to promoting occupational and consumer safety. Audience analysis is a vital component of these efforts. LCA appears to be a worthwhile addition to our analytical toolbox by allowing risk reduction and hazard-mitigation efforts to tailor interventions to a diverse target audience. © 2010 Wiley Periodicals, Inc. [source] Institutional Bricolage, Conflict and Cooperation in Usangu, TanzaniaIDS BULLETIN, Issue 4 2001Frances Cleaver Summaries This article draws on research in Tanzania to explore the socially embedded nature of institutions for common property resource management and collective action. The article challenges the design principles common in resource management literature and explores instead the idea of ,institutional bricolage' - a process by which people consciously and unconsciously draw on existing social and cultural arrangements to shape institutions in response to changing situations. The resulting institutions are a mix of ,modern' and ,traditional', ,formal' and ,informal'. Three aspects of institutional bricolage are elaborated here: the multiple identities of the bricoleurs, the frequency of cross-cultural borrowing and of multi-purpose institutions, and the prevalence of arrangements and social norms which foster cooperation, respect and non-direct reciprocity over life courses. [source] Financial Dollarization and European Union MembershipINTERNATIONAL FINANCE, Issue 2 2010Kyriakos C. Neanidis We analyse the effect of European Union (EU) membership on financial dollarization for the Central and Eastern European countries. Using a unique monthly data set that spans about two decades, we find that both the accession process towards EU membership and EU entry have a direct impact on deposit dollarization (DD) and loan dollarization (LD). EU membership reduces DD while it increases LD. The negative effect on DD captures the increased confidence of the private sector in the domestic currency, as they consider the EU admission process a reflection of their government's commitment to promoting policies of long-run currency stability. The positive impact on credit dollarization is the outcome of a greater convergence of exchange rates to the euro and the subsequent anticipation of lower currency risk, which diminishes the cost of foreign currency borrowing. [source] A discourse-analytic approach to the use of English in Cypriot Greek conversationsINTERNATIONAL JOURNAL OF APPLIED LINGUISTICS, Issue 2 2001Dionysis Goutsos The use of English in Cypriot Greek has been a highly contested issue, involving much speculation and prescription but, as yet, little analysis of actual data. This study is a preliminary exploration of the issue, focusing on extensive data from informal conversations between members of a Limassol family. The analysis suggests that instances of language alternation can be accounted for in terms of discourse analytic categories such as the distinction between local and global phenomena and the tri-partite scheme of ideational, interpersonal and sequential functions. The presence of English in Cypriot Greek conversations covers a wide range, from local borrowing to stereotypical sequential or more complex interpersonal and sequential phenomena, and cannot be effectively separated from the role that language alternation plays in speci ?c textual and contextual settings. The discussion suggests that a discourse analytic approach is an indispensable means of studying language alternation phenomena. [source] Consumer attitudes towards debt in an islamic country: managing a conflict between religious tradition and modernity?INTERNATIONAL JOURNAL OF CONSUMER STUDIES, Issue 3 2008Alhassan G. Abdul-MuhminArticle first published online: 10 APR 200 Abstract Saudi Arabia is an important country in the Islamic world, and Islam prohibits the payment and receipt of interest, a key component of modern commercial bank loans. Yet the levels of commercial bank lending in the country for private non-commercial purposes has been rising sharply for the past decade. This study seeks an explanation for this increase by examining the nature of consumer attitudes towards debt in the country, and whether the increasing levels of consumer debt can be explained by existing positive debt attitudes. Using data from a convenience sample of consumers in the major cities of the country, the study finds general debt attitudes to be surprisingly positive, though tempered by the consumption purpose for which the debt is acquired. However, the positive attitudes are unrelated to actual debt acquisition. Rather, socio-demographic differences in attitudes are similar to those reported in the literature. Attitudes are generally more positive among young, highly educated Saudi males than other socio-demographic groups. This suggests a possible struggle to manage a conflict between the Islamic prohibition of interest-based borrowing and demands of the modern economy. [source] The efficient resolution of capital account crises: how to avoid moral hazardINTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 3 2005Gregor Irwin Abstract This paper presents a model of capital account crises and uses it to study resolution mechanisms for both liquidity and solvency crises. It shows that liquidity crises should be dealt with by a standstill combined with IMF lending into arrears, whereas solvency crises should be resolved by debt write-downs. Dealing with solvency crises by lending would require a subsidy and this creates moral hazard, such as incentives for excessive borrowing, for too little equity financing and for investment in projects that are inefficient. The analysis underlines the importance of accurately assessing whether a crisis is rooted in a liquidity or a solvency problem. Copyright © 2005 John Wiley & Sons, Ltd. [source] Welfare municipalities: economic resources or party politics?INTERNATIONAL JOURNAL OF SOCIAL WELFARE, Issue 1 2001Norwegian local government social programs of the 1920s This article analyses the introduction of Norwegian local government social security programs for the elderly, disabled persons, widows and single mothers in the 1920s. The role of local government as an agent and initiator of welfare state development has been for the most part neglected within the welfare state literature. Indeed, the first social security programs in Norway were introduced by local governments, affecting nearly half of the population. Even if these programs were not very generous compared with the social security programs of our time, many of them were equal to, or even more generous than, the national pension scheme introduced in 1936. This article examines what distinguished the social security municipalities from those that did not implement such programs, and the variation in generosity profiles. The conclusion is that the main determinant regarding the implementation and generosity of the local social security programs is the political strength of the two Norwegian socialist parties at the time , the Social democratic party and the Labour party , both being too impatient to wait for a national social security plan, and both being willing to mobilise economic resources through taxation and borrowing. [source] New Wine in Old Wineskins: Promoting Political Reforms through the New European Neighbourhood Policy,JCMS: JOURNAL OF COMMON MARKET STUDIES, Issue 1 2006JUDITH KELLEY The EU's newly launched European neighbourhood policy (ENP) is a fascinating case study in organizational management theory of how the Commission strategically adapted enlargement policies to expand its foreign policy domain. From the use of action plans, regular reports and negotiations to the larger conceptualization and use of socialization and conditionality, the development of the policy shows significant mechanical borrowing from the enlargement strategies. Given the lack of the membership carrot, the question is whether such adaptation from enlargement can promote political reforms in the ENP countries, which are generally poor, often autocratic and, in some cases, embroiled in domestic conflicts. This article traces the development of the policy and assesses prospects for human rights and democracy reforms. [source] Unemployment and liquidity constraintsJOURNAL OF APPLIED ECONOMETRICS, Issue 3 2007Vassilis A. Hajivassiliou We present a dynamic framework for the interaction between borrowing (liquidity) constraints and deviations of actual hours from desired hours, both measured by discrete-valued indicators, and estimate it as a system of dynamic binary and ordered probit models with panel data from the Panel Study of Income Dynamics. We analyze a household's propensity to be liquidity constrained by means of a dynamic binary probit model. We analyze qualitative aspects of the conditions of employment, namely whether the household head is involuntarily overemployed, voluntarily employed, or involuntarily underemployed or unemployed, by means of a dynamic ordered probit model. We focus on the possible interaction between the two types of constraints. We estimate these models jointly using maximum simulated likelihood, where we allow for individual random effects along with an autoregressive process for the general error term in each equation. A novel feature of our method is that it allows for the random effects to be correlated with regressors in a time-invariant fashion. Our results provide strong support for the basic theory of constrained behavior and the interaction between liquidity constraints and exogenous constraints on labor supply. Copyright © 2007 John Wiley & Sons, Ltd. [source] Intramolecular electronic communication in a dimethylaminoazobenzene,fullerene C60 dyad: An experimental and TD-DFT studyJOURNAL OF COMPUTATIONAL CHEMISTRY, Issue 6 2010K. Senthil Kumar Abstract An electronically push,pull type dimethylaminoazobenzene,fullerene C60 hybrid was designed and synthesized by tailoring N,N -dimethylaniline as an electron donating auxochrome that intensified charge density on the ,-azonitrogen, and on N -methylfulleropyrrolidine (NMFP) as an electron acceptor at the 4 and 4, positions of the azobenzene moiety, respectively. The absorption and charge transfer behavior of the hybrid donor-bridge-acceptor dyad were studied experimentally and by performing TD-DFT calculations. The TD-DFT predicted charge transfer interactions of the dyad ranging from 747 to 601 nm were experimentally observed in the UV-vis spectra at 721 nm in toluene and dichloromethane. A 149 mV anodic shift in the first reduction potential of the NN group of the dyad in comparison with the model aminoazobenzene derivative further supported the phenomenon. Analysis of the charge transfer band through the orbital picture revealed charge displacement from the n(NN) (nonbonding) and , (NN) type orbitals centered on the donor part to the purely fullerene centered LUMOs and LUMO+n orbitals, delocalized over the entire molecule. The imposed electronic perturbations on the aminoazobenzene moiety upon coupling it with C60 were analyzed by comparing the TD-DFT predicted and experimentally observed electronic transition energies of the dyad with the model compounds, NMFP and (E)-N,N -dimethyl-4-(p-tolyldiazenyl)aniline (AZNME). The n(NN) , ,*(NN) and ,(NN) , ,*(NN) transitions of the dyad were bathochromically shifted with a significant charge transfer character. The shifting of ,(NN) , ,*(NN) excitation energy closer to the n , ,*(NN) in comparison with the model aminoazobenzene emphasized the predominant existence of charge separated quinonoid-like ground state electronic structure. Increasing solvent polarity introduced hyperchromic effect in the ,(NN) , ,*(NN) electronic transition at the expense of transitions involved with benzenic states, and the extent of intensity borrowing was quantified adopting the Gaussian deconvolution method. On a comparative scale, the predicted excitation energies were in reasonable agreement with the observed values, demonstrating the efficiency of TD-DFT in predicting the localized and the charge transfer nature of transitions involved with large electronically asymmetric molecules with HOMO and LUMO centered on different parts of the molecular framework. © 2009 Wiley Periodicals, Inc. J Comput Chem, 2010 [source] How Credit Access Has Changed Over Time for U.S. HouseholdsJOURNAL OF CONSUMER AFFAIRS, Issue 2 2003ANGELA C. LYONS The financial industry made a number of efforts throughout the 1990s to provide additional borrowing opportunities to households traditionally constrained by the credit markets. Using data from the Survey of Consumer Finances (SCF), this study investigates the degree to which household liquidity constraints relaxed between 1983 and 1998. The gap between actual and desired borrowing is estimated. The findings indicate that the ability of all households to obtain their desired debt levels increased after 1983 and most dramatically between 1992 and 1998. The findings hold true across all households regardless of permanent earnings, age, gender, or race. Those experiencing the greatest gains in credit access were black households and households with low permanent earnings. [source] Floating without flotations,the exchange rate and the Mexican stock market: 1995,2001JOURNAL OF INTERNATIONAL DEVELOPMENT, Issue 3 2006Jesús Muñoz Abstract Pegged exchange rates in capital importing countries partially ,socialised' the risks of international borrowing. A corollary of managed floating, therefore, is a reallocation of risk bearing to private capital markets. Equity finance offers explicit risk sharing but Mexican experience since 1995 confirms that it may not expand spontaneously under a floating regime, despite buoyant international conditions. As an explanation for this disappointing outcome, the analysis highlights the implications of managed floating for equity demand when corporate debt is high. Policy must recognize that while firms need to reduce gearing, investors may not be attracted to the shares of indebted companies. Copyright © 2006 John Wiley & Sons, Ltd. [source] | |||||||||||||||||||||||||||||||||||||