Credit Constraints in Education. NBER Working Paper No. 17435

Autor/inn/en	Lochner, Lance; Monge-Naranjo, Alexander
Institution	National Bureau of Economic Research
Titel	Credit Constraints in Education. NBER Working Paper No. 17435
Quelle	(2011) PDF als Volltext Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Monographie
Schlagwörter	Human Capital; Student Loan Programs; Income; Credit (Finance); Social Mobility; Public Policy; Macroeconomics; Incentives; Loan Default + Suchen Sie Ihr Suchwort? Humankapital; Einkommen; Credit; Kredit; Soziale Mobilität; Öffentliche Ordnung; Makroökonomie; Anreiz; Schuldnerverzug
Abstract	We review studies of the impact of credit constraints on the accumulation of human capital. Evidence suggests that credit constraints are increasingly important for schooling and other aspects of households' behavior. We highlight the importance of early childhood investments, since 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 as well as 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. (As Provided).
Anmerkungen	National Bureau of Economic Research. 1050 Massachusetts Avenue, Cambridge, MA 02138-5398. Tel: 617-588-0343; Web site: http://www.nber.org
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2017/4/10