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来源类型Working Paper
规范类型报告
DOI10.3386/w13912
来源IDWorking Paper 13912
The Nature of Credit Constraints and Human Capital
Lance J. Lochner; Alexander Monge-Naranjo
发表日期2008-04-03
出版年2008
语种英语
摘要This paper studies the nature and impact of credit constraints in the market for human capital. We derive endogenous constraints from the design of government student loan programs and from the limited repayment incentives in private lending markets. These constraints imply cross-sectional patterns for schooling, ability, and family income that are consistent with U.S. data. This contrasts with the standard exogenous constraint model, which predicts a counterfactual negative ability -- schooling relationship for low-income youth. We show that the rising empirical importance of familial wealth and income in determining college attendance (Belley and Lochner 2007) is consistent with increasingly binding credit constraints in the face of rising tuition costs and returns to schooling. Our framework also explains the recent increase in private credit for college as a market response to the rising returns to school.
主题Public Economics ; Health, Education, and Welfare ; Education
URLhttps://www.nber.org/papers/w13912
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/571586
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GB/T 7714
Lance J. Lochner,Alexander Monge-Naranjo. The Nature of Credit Constraints and Human Capital. 2008.
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