This paper investigates credit supply endogeneity in the Italian environment from 1999 to 2009. The study aims to shed more light on the relationship between securitization and the Italian monetary transmission mechanism during the two most recent financial crashes: the dot-com bubble burst (1998-1999) and the subprime mortgage crisis (2008-2009). Recently many works are focused on how securiti...

Parental involvement is correlated with student performance, though the causal relationship is less well established. This experiment examined an intervention that delivered weekly one-sentence individualized messages from teachers to the parents of high school students in a credit recovery program. Messages decreased the percentage of students who failed to earn course credit from 15.8% to 9.3...

Traditional economic and business forecasting about corporate credit has relied on statistics from government agencies, annual reports and financial statements. These statistics are often published with significant delay, which limits their usefulness for predicting changes in creditworthiness. Yet, a delay in responding to changes in a company’s credit rating can have significant financial and...

The Federal Reserve’s new primary credit facility offers guilt-free overnight loans to commercial banks at a rate of 100 basis points over the target federal funds rate. If utilized freely by the market, the facility places an upper bound on the rates at which financial institutions lend to one another overnight, reducing the volatility of the daily effective federal funds rate. Conceivably, ho...

Previously circulated under the title \Banks and credit derivatives: Is it always good to have more risk management tools?" Abstract We model the eeects on banks of the introduction of a market for credit derivatives; in particular, credit default swaps. A bank can use such swaps to temporarily transfer credit risks of their loans to others, reducing the likelihood that defaulting loans trigger...

This paper examines the link between access to credit and child labor at a cross-country level. Even though access to credit is central to child labor theoretically, there has been little work done to assess its importance empirically. We measure child labor as a country aggregate, and credit constraints are proxied by the level of financial development. These two variables display a strong neg...

This paper develops a theory of inequality and the social contract aiming to explain how countries with similar economic and political “fundamentals” can sustain such different systems of social insurance, fiscal redistribution, and education finance as those of the United States and Western Europe. With imperfect credit and insurance markets some redistributive policies can improve ex ante wel...

A credit network models trust between agents in a distributed environment and enables payments between arbitrary pairs of agents. With their flexible design and robustness against intrusion, credit networks form the basis of several Sybil-tolerant social networks, spam-resistant communication protocols, and payment systems. Existing systems, however, expose agents’ trust links as well as the ex...

【Keywords】Micro Credit (MC), social ties, information asymmetry, creditworthiness, Guatemala, 【JEL code】C25, D14, Q14 【Abstract】Who borrows Micro Credit (MC) is the information needed to improve not only MC programs but also policies of poverty alleviation. This paper analyzes the MC use determinants taking social ties into account using data in Guatemalan Living Standard Measurement Study. It ...

The paper considers two problems related to Marx’s theory of money: first, the definition and measurement of the quantity of social labor time represented by a unit of money; second, the application of Marx’s commodity-money theory to contemporary monetary institutions based on state-credit money. In theory social labor time and the price expression of exchange value emerge simultaneously, so t...