The federal government encourages human capital investment through lending and grant programs, but resources from these programs may also finance non-education activities for students whose liquidity is otherwise restricted. This paper explores this possibility, using administrative data for the...

The empirical literature points the financial intermediation, measured by the level of credits relative to GDP in the economy, as one of the factors which affects the current account dynamics in a given country. This paper tries to estimate and then quantify the possible impact that household...