We develop a model of lending and borrowing in markets where the lender has no access to physical collateral and where the borrower is heavily capital constrained. Our model of micro loans, which incorporates a) the absence of access to physical collateral, b) peer monitoring, c) threat of punishment upon default, and d) costly monitoring by lenders is used to determine the equilibrium borrowin...

Is the observed large increase in consumer indebtedness since 1970 beneficial for U.S. consumers? This paper quantitatively investigates the macroeconomic and welfare implications of relaxing borrowing constraints using a model with preferences featuring temptation and self-control. The model can capture two contrasting views: the positive view, which links increased indebtedness to financial i...

BACKGROUND Borrowing money is a common strategy to cope with health care costs. The impact of borrowing on households can be severe, leading to indebtedness and further impoverishment. However, the available literature on borrowing practices for health is limited. We explore borrowing practices for paying for health care by the poor in Cambodia and provide a typology, associated conditions, and...

In this study, I revisit the claim that nominals denoting complex events must derive from discernible verbal stems and be headed by an overt nominalizer. show Turkish has a set of nominals, crucially foreign origin, which provides counter-evidence to both claims. From perspective grammar, they are morphologically noncompositional, manifesting neither detectable basis nor nominalizer although ca...

An efficient resource sharing strategy is proposed for multimedia wireless networks. Assume the channel resource in a wireless system is partitioned into two sets: one for voice calls and one for video calls. In the proposed channel borrowing strategy, voice calls can borrow channels from those pre-allocated to video calls temporarily when all voice channels are busy. A threshold type decision ...

A small depository institution with a history of a pronounced seasonal increase in loans relative to deposits may borrow a substantial portion of its projected excess from a Federal Reserve Bank at the basic discount rate. In the aggregate, this seasonal borrowing program provides only a scant source of funds to the financial system, within a framework that is essentially the same as when the p...