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Books > Business & Economics > Finance & accounting > Finance > Banking
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Income Contingent Loans - Theory, Practice and Prospects (Hardcover)
Loot Price: R3,595
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Income Contingent Loans - Theory, Practice and Prospects (Hardcover)
Series: International Economic Association Series
Expected to ship within 12 - 19 working days
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As an income contingent loans bill is considered by the US
Congress, income contingent loans (ICL) have risen to the forefront
of economic discourse. ICLs are collected through the income
taxation system and are repaid only when future incomes exceed a
specified level. ICLs were first introduced in Australia in 1989 to
help college students finance their tuition costs, and since then
many countries have followed this policy approach. Bruce Chapman,
Timothy Higgins and Joseph E. Stiglitz along with a host of
internationally recognised experts who have been instrumental in
impacting national policy in this field, explore the theory of
ICLs, and the prospect of applying the basic principles to many
other potential areas of social and economic policy such as paid
parental leave; recompensing poor countries for skilled migrant
emigration; legal aid for civil disputes; business innovation for
small and medium enterprises; out-of-pocket health care expenditure
needs; and for periods of unemployment.
The text describes an alternative approach to ICLs, which takes the
form of human capital contracts or graduate taxes, as well as
examining hybrid schemes that combine the attractive aspects of
both arrangements. Case studies are used to examine the prospects
for ICLs for higher education in Malaysia, Germany, Thailand, Chile
and Colombia, and there is discussion of the barriers for adoption
of ICLs in countries that lack efficient institutions for debt
collection.
A key message from the contributions is that in countries with
appropriate institutions for taxation administration, there are
considerable transactional efficiencies associated with ICLs. These
efficiencies, combined with the improvements in risk and incentives
that well-designed ICL programs can provide, suggest that such
programs can play an important role in a modern welfare state.
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