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The Credit Helps Fund a Variety of Projects in Low-Income Communities, but Could Be Simplified

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The Credit Helps Fund a Variety of Projects in Low-Income Communities, but Could Be Simplified

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Our aim is to contribute to the above literature by proposing a life-cycle model with individual income uncertainty that can be used to assess how various macroeconomic factors a®ect the equilibrium value of household credit. We show that its value de- pends on (i) the lending-deposit interest rate spread, (ii) individual income uncertainty, (iii) individual productivity persistence, and (iv) the generosity of the pension system. Subsequently, on the basis of aggregate data for OECD and European Union (EU) countries, we ¯nd some empirical support for the predictions of the theoretical model. In the context of discussion on early warning indicators of ¯nancial instability, the results from our work...

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