We examine the dynamic optimization problem of Not-For-Profit (NFP) financial institutions that aim to maximize the welfare of members. We characterize the optimal policy and find that it involves credit rationing. Interest rates set by mature NFPs will typically be more favorable to customers...

This paper provides an empirical test of Rubery and Fagan's (1995) hypothesis that gender inequalities are influenced primarily by the comprehensiveness of the overall wage protection system in a country and by the extent of gender segregation. Gender discrimination in earnings is compared in...

The rapid growth of the British Credit Union movement in the 1990s has been accompanied by low and declining levels of reserves relative to assets. This has occurred even though the movement has more than fulfilled its statutory obligations to contribute to reserves out of surplus. A model of...