By Edda Claus, Iris Claus
During this number of severe surveys the reader is supplied with various up to date paintings from a number of the major students within the quarter, writing on inner most and public region facets of reductions and wealth accumulation.
- A survey of discount rates and wealth accumulation that are very important dimensions of analysis and coverage debates
- Discusses the dimension of real discount rates and sustainability, the estimation of wealth inequality, and up to date advancements in shopper credits and defaults
- Evaluates the influence of pupil loans on monetary wellbeing and fitness, people’s retirement judgements, and the influence of pension reform
- Considers the distribution of wealth throughout generations and the significance of thoroughly measuring govt debt, the increase of sovereign wealth cash and Islamic banking and finance
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Extra info for A Collection of Surveys on Savings and Wealth Accumulation
Federal Reserve Bank of Minneapolis Staff Report 380. , Seru, A. and Vig, V. (2010) Did securitization lead to lax screening? Evidence from subprime loans. Quarterly Journal of Economics 125(1): 307–362. R. (1996) Implications of efficient risk sharing without commitment. Review of Economic Studies 63(4): 595–609. Kovrijnykh, N. and Livshits, I. (2015) Screening as a unified theory of delinquency, renegotiation and bankruptcy. Mimeo, Arizona State University. Krasa, S. and Villamil, A. (2000) Optimal contracts when enforcement is a decision variable.
Grochulski (2010) explicitly demonstrates that bankruptcy which involves some discharge of unsecured debt is part of a market implementation of an optimal allocation that is subject to moral hazard on the part of the borrower. Hopenhayn and Werning (2008) show that an optimal contract involves default in equilibrium when the value of default to the borrower is random and unobserved by the lender. Also along these lines is the finding of Krasa and Villamil (2000) that the optimal contract between an investor and an entrepreneur in a no-commitment environment with costly enforcement is a standard debt contract.
For example, Gicheva (2011) finds that students with outstanding student debt have a lower 38 ELLIOTT AND LEWIS probability of marriage than students without outstanding debt, among people younger than 37 (also see, Baum and O’Malley, 2003). If they marry, graduates with student debt express less satisfaction with their marriage than students with no debt (Dew, 2008). Moreover, when asked, survey data indicate that 43% of student loan borrowers say they have delayed having children (American Student Assistance, 2013; also see, Baum and O’Malley, 2003).