Over the past fifteen years, U.S. households in the aggregate have devoted an increasing share of their after-tax income to the payment of financial obligations. Much of the increase is attributable to a rise in the level of credit card debt, which has raised the share of households’ aggregate after-tax income that is devoted to credit card payments. In turn, the rising share of credit card deb...

On computational methods for the valuation of credit derivatives Wanhe Zhang Doctor of Philosophy Graduate Department of Computer Science University of Toronto 2010 A credit derivative is a financial instrument whose value depends on the credit risk of an underlying asset or assets. Credit risk is the possibility that the obligor fails to honor any payment obligation. This thesis proposes four ...

Payment transactions through the use of physical coins, bank notes or credit cards have for centuries been the standard formats of exchanging money. Recently online and mobile digital payment platforms has entered the stage as contenders to this position and possibly could penetrate societies thoroughly and substitute current payment standards in the decades to come. This paper portrays how dig...

1.1 Overview of the US mortgage market Owner-occupied housing and the mortgages used to finance it are currently the single largest asset and liability on the household balance sheet. As shown in Graph 1, residential mortgage debt has grown so that households now owe just over $8 trillion. Consumer credit, which includes personal loans, auto loans and credit card balances, now stands at just ov...

This Article explores the relationship between consumer credit markets and bankruptcy policy. In general, I argue that the causative relationships running between borrowing and bankruptcy compel a new strategy for policing the conduct of lenders and borrowers in modern consumer credit markets. The strategy must be sensitive to the role of the credit card in lending markets and must recognize th...

In this note, we modify the model of Huang [21] discussed with retailer’s ordering policy under conditions of cash discount and trade credit. Mathematical model has been modified for obtaining the optimal cycle time and optimal payment policy for item under cash discount and trade credit so that the annual total cost is minimized. Then, we provide a theorem to efficiently determine the optimal ...

Along with rapid growth in usage of credit card in ecommerce, rough and robust security measure and technologies should be developed. One old problem about the credit card transaction -that also exists in widely used payment system like 3D-SecureTMis the possibility of disclosure of sensitive data which is being stored by merchants during the transaction. A solution to this problem is using pro...

Over the last decade, we have witnessed payment innovations that fundamentally have changed the ways we pay. Payment innovations, such as mobile payments and on-line banking, include characteristics or features that are essential to understand if we want to know how and why payers choose among payment innovations. Using the Repertory Grid technique to explore 15 payers’ perception of six paymen...

This paper tries to incorporate both Chung and Huang (2003b) and Huang and Chung (2003) to develop the buyer’s inventory model. That is, we want to investigate the buyer’s optimal cycle time and optimal payment time under supplier’s trade credit policy and cash discount policy. Mathematical models have been derived for obtaining the optimal cycle time and optimal payment time for item under sup...