In higher education, pure credit market funding leads to underinvestment due to insufficient risk pooling, while pure … credit markets coexist alongside income-contingent loan funding – might restore efficiency of the educational investment … and, under some condition, leads to higher social welfare than pure credit market funding. If combined with a policy that …

the credit channel via the financial accelerator mechanism. The results show that tax evasion is pro cyclical and …

In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is … acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to … secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises …

This paper examines the effects of Islamic banking on the causal linkages between credit and GDP by comparing two sets … analysis provides evidence of long-run causality running from credit to GDP in countries with Islamic banks only. This is …

This paper addresses the impact of developments in the credit risk transfer market on the viability of a group of … utilizes a multi-equation framework to model forward-looking measures of market and credit risk using the credit default swap … (CDS) index market as a measure of the global credit environment. In the first step, we establish the existence of …

allocations and discuss implications for credit risk modeling …

, although default does not trigger exclusion from private credit markets. These findings help shed light on joint default and …

This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …