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  • 2010-2014  (2)
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  • 1
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    The Nature of Credit Constraints and Human Capital (2011)
    American Economic Association
    Details
    Publication Date: 2011-10-01
    Description: We develop a human capital model with borrowing constraints explicitly derived from government student loan (GSL) programs and private lending under limited commitment. The model helps explain the persistent strong positive correlation between ability and schooling in the United States, as well as the rising importance of family income for college attendance. It also explains the increasing share of undergraduates borrowing the GSL maximum and the rise in student borrowing from private lenders. Our framework offers new insights regarding the interaction of government and private lending, as well as the responsiveness of private credit to economic and policy changes. (JEL D14, H52, I22, I23, J24)
    Print ISSN: 0002-8282
    Electronic ISSN: 1944-7981
    Topics: Economics
    Published by American Economic Association
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  • 2
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    Credit Constraints in Education (2012)
    Annual Reviews
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    Publication Date: 2012-09-01
    Description: We review studies of the impact of credit constraints on the accumulation of human capital. Evidence suggests that credit constraints have recently become important for schooling and other aspects of households' behavior. We highlight the importance of early childhood investments, as their response largely determines the impact of credit constraints on the overall lifetime acquisition of human capital. We also review the intergenerational literature and examine the macroeconomic impacts of credit constraints on social mobility and the income distribution. A common limitation across all areas of the human capital literature is the imposition of ad hoc constraints on credit. We propose a more careful treatment of the structure of government student loan programs and the incentive problems underlying private credit. We show that endogenizing constraints on credit for human capital helps explain observed borrowing, schooling, and default patterns and offers new insights about the design of government policy.
    Print ISSN: 1941-1383
    Electronic ISSN: 1941-1391
    Topics: Economics
    Published by Annual Reviews
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