We develop a model of lending and borrowing in markets where the lender has no access to physical collateral and where the borrower is heavily capital constrained. Our model of micro loans, which incorporates a) the absence of access to physical collateral, b) peer monitoring, c) threat of punishment upon default, and d) costly monitoring by lenders is used to determine the equilibrium borrowin...

today, the issue concerning the conferment of the whole or a part of the material rights belonging to the author and the related contracts is of special importance, to the extent that in some legal systems, such as the french, various specific contracts, like the publication contract, special provisions and regulations have been devised for it. whereas, no special rules concerning the above-men...

BACKGROUND Borrowing money is a common strategy to cope with health care costs. The impact of borrowing on households can be severe, leading to indebtedness and further impoverishment. However, the available literature on borrowing practices for health is limited. We explore borrowing practices for paying for health care by the poor in Cambodia and provide a typology, associated conditions, and...

Is the observed large increase in consumer indebtedness since 1970 beneficial for U.S. consumers? This paper quantitatively investigates the macroeconomic and welfare implications of relaxing borrowing constraints using a model with preferences featuring temptation and self-control. The model can capture two contrasting views: the positive view, which links increased indebtedness to financial i...

aleatory contract has not been codified in iran's regulations.whereas egypt's regulations not only generally compromise aleatory contract but also give prominent examples for it. in aleatory contracts considerations are not determined, because, here, determination of a consideration is based on some factors which will be fulfilled in the future. the effect of this contract shall be es...