Consumer Credit and the American Economy examines the economics,
behavioral science, sociology, history, institutions, law, and
regulation of consumer credit in the United States.
After discussing the origins and various kinds of consumer credit
available in today's marketplace, this book reviews at some length
the long run growth of consumer credit to explore the widely held
belief that somehow consumer credit has risen "too fast for too
long." It then turns to demand and supply with chapters discussing
neoclassical theories of demand, new behavioral economics, and
evidence on production costs and why consumer credit might seem
expensive compared to some other kinds of credit like government
finance. This discussion includes review of the economics of risk
management and funding sources, as well discussion of the economic
theory of why some people might be limited in their credit search,
the phenomenon of credit rationing. This examination includes
review of issues of risk management through mathematical methods of
borrower screening known as credit scoring and financial market
sources of funding for offerings of consumer credit.
The book then discusses technological change in credit granting. It
examines how modern automated information systems called credit
reporting agencies, or more popularly "credit bureaus," reduce the
costs of information acquisition and permit greater credit
availability at less cost. This discussion is followed by
examination of the logical offspring of technology, the ubiquitous
credit card that permits consumers access to both payments and
credit services worldwide virtually instantly.
After a chapter on institutions that have arisen to supply credit
to individuals for whom mainstream credit is often unavailable,
including "payday loans" and other small dollar sources of loans,
discussion turns to legal structure and the regulation of consumer
credit. There are separate chapters on the theories behind the two
main thrusts of federal regulation to this point, fairness for all
and financial disclosure. Following these chapters, there is
another on state regulation that has long focused on marketplace
access and pricing.
Before a final concluding chapter, another chapter focuses on two
noncredit marketplace products that are closely related to credit.
The first of them, debt protection including credit insurance and
other forms of credit protection, is economically a complement. The
second product, consumer leasing, is a substitute for credit use in
many situations, especially involving acquisition of automobiles.
This chapter is followed by a full review of consumer bankruptcy,
what happens in the worst of cases when consumers find themselves
unable to repay their loans.
Because of the importance of consumer credit in consumers'
financial affairs, the intended audience includes anyone interested
in these issues, not only specialists who spend much of their time
focused on them. For this reason, the authors have carefully
avoided academic jargon and the mathematics that is the modern
language of economics. It also examines the psychological,
sociological, historical, and especially legal traditions that go
into fully understanding what has led to the demand for consumer
credit and to what the markets and institutions that provide these
products have become today.
General
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!
Welcome to Loot.co.za!
Sign in / Register |Wishlists & Gift Vouchers |Help | Advanced search
