, focusing on the role of borrowing constraints on such decisions. On the one hand, we show that public universities choose exams … and zero fees under borrowing constraints because exams are efficient allocation devices, and the objective of public … borrowing constraints do not affect quality and admission standards in the public university, they reduce both quality and fees …

, focusing on the role of borrowing constraints on such decisions. On the one hand, we show that public universities choose exams … and zero fees under borrowing constraints because exams are efficient allocation devices, and the objective of public … borrowing constraints do not affect quality and admission standards in the public university, they reduce both quality and fees …

shocks, and borrowing constraints as determinants of shock transmission. We show that borrowing constraints lead to a …

This paper combines the standard incomplete markets model of uninsurable idiosyncratic risks and borrowing constraints …

Kiyotaki and Moore (1997) type borrowing constraints I show that financial development is associated with increasing firm …

rising housing prices per se cannot explain China's high household saving rate. Although borrowing constraints and …