We study a dynamic stochastic general equilibrium model that features heterogeneous agents, incomplete risk sharing, and collateralized debts. Facing uninsurable income risks, households have a precautionary motive for saving and, at the aggregate level, they appear more patient than the entrepreneurs. The relative patience of the households depresses the average loan rate so that the entrepren...

Plagiarism occurs whenever you use someone else’s work without giving them proper acknowledgement. The whole of academic life and scholarly activity is based on the presumption that we will give credit to those who provide us with helpful ideas that we can write about, or perhaps even upon which we build ideas of our own. We rarely invent something so new or come up with an idea so revolutionar...

This paper presents two dynamic models of the economy in which credit constraints arise because creditors cannot force debtors to repay debts unless the debts are secured by collateral. The credit system becomes a powerful propagation mechanism by which the effects of shocks persist and amplify through the interaction between collateral values, borrowers' net worth and credit limits. In particu...

We examine the impact of overdue debts in small villages one Hungary’s most disadvantaged regions. find that a significant number debtors with permanently escape from debt collectors. Accordingly, our sample, reduce likelihood declared work by 14 percentage points on average. The lack alone reduces probability opening bank account 21 points, and further it 9 points. negative effect health is al...

Sometimes my day is brightened by someone’s gratitude. Even if I barely remember the consultation referred to in a card, clearly it was appreciated patient. If I’m thanked person often respond, quite truthfully, that just doing job. Conversely, most GPs have experiences of patients for whom they’ve gone extra mile—with hours spent on long consultations, referrals, and advocacy—and received not ...

This work attempts to identify determinants of capital structure in a sample of commercial banks listed on the Gulf Cooperation Council (GCC) stock markets. To achieve this objective, data about were collected from 47 GCC commercial banks for the period between 2001 and 2010. We find that profitability and liquidity affect banks’ capital structure decision. The major contribution of this study ...