disparities in income, employment, homeownership, education, access to credit, and retirement savings - all factors that …

It is commonly believed that borrowers cannot be anonymous in unsecured credit relations because anonymity heavily … reduces the scope for punishment and therefore makes credit unfeasible except for very special circumstances. However, we … demonstrate that credit is generally feasible even if borrowers are anonymous. In particular, we construct equilibria where …

field of economics as historically inaccurate. Further, the orthodox sequence of commodity (gold) money" to credit and fiat … creating and organizing markets. By contrast, this paper locates the origin of money in credit and debt relations, with the …

The purpose of this paper is to assess whether the banking system, over and beyond its credit function, has a …, our regressions confidently support the hypothesis that banks contribute to economic development not only as credit … suppliers but also by facilitating transactions. Specifically, along with the ratio of private credit to GDP, the ratio of …

We study the effects of credit shocks in a model with heterogeneous entrepreneurs, financing constraints, and a …

of perfect information on the financial aggregates—future information on credit growth helps improve the prediction …—that is, the growth in credit helps explain the growth in real output in a particular specification of the output model. This … finding, though, is sensitive to the choice of foreign output proxy. In sum, we conclude that while credit may have some …

Credit rationing is a common feature of most developing economies. In response to it, the governments of these … countries often operate extensive credit programs and lend, either directly or indirectly, to the private sector. We analyze the … macroeconomic consequences of a typical government credit program in a small open economy. We show that such programs increase long …

presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between 'target' and … actual wealth, with the target determined by credit conditions and uncertainty. An estimated structural version of the model … suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and …