The real convergence, apparently wears the normative shape, yet is much more complex in measurement and conceptualization comparing with the nominal convergence, even if the last one has more precise definition criteria. The study recommends a complete and consistent basis of real convergence...

We analyze the interactions between two different forms of unsecured credit and their implications for default behavior of young U.S. households. One type of credit mimics credit cards in the United States and the default option resembles a bankruptcy filing under Chapter 7; the other type of...