investment and allows for credit constrained households along the lines of the financial accelerator literature.The presence of … credit constrained households raises the marginal propensity to consume out of transitory tax reductions and increases in …

households. We find a high percentage of credit-constrained households, the majority of which constitute discouraged borrowers … percentage of credit- constrained households, the majority of which constitute discouraged borrowers. Discrete choice models … household resources, number of dependants, and location as significant correlates. Keywords: credit constrained households …