This paper solves an empirically parameterised model of life-cycle consumption which extends the precautionary savings … default: (i) their access to credit markets is restricted; (ii) lenders of funds may seize their financial assets above an … exemption level, and up to the amount of outstanding debt; and (iii) there is a “stigma effect,” or a decrease in current …

credit in pursuit of welfare goals. Others claim that it was the withdrawal of state welfare that led to the disaster … degrees for financial market offers of insurance and savings. By contrast, welfare states may support private interests … countries. We find complementarity between public welfare (spending and tax subsidies) and life insurance markets for four out …

in locations with no bank branches. We show that between 1977 and 1990 this rule caused banks to open relatively more …

We evaluate the effectiveness of a partial credit guarantee program implemented in a large Italian region using unique … improved financial condition for the beneficiary firms. While the total amount of bank debt was unaffected, firms showed a …

Especially in developing countries credit constraints are often perceived as one of the most important market frictions … effects of the Brazilian Development Bank (BNDES) loans. It finds that, before receiving BNDES support, granted firms are … indeed more credit constrained than comparable non-granted firms. It also finds that BNDES support allows granted firms to …

We show that in an open-economy OLG model, the interaction between growth differentials and household credit constraints …

incentive effect of competition on innovation and the effect competition has on the degree of credit rationing. I find that the …

selection forces creditors to ask for collateral. We study the two-way interaction between rationing in the credit market and … the wages offered in the labour market. Both pooling and separating credit contracts can be offered in equilibrium. The …