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| Autor/inn/en | Lochner, Lance; Monge-Naranjo, Alexander |
|---|---|
| Titel | Credit Constraints in Education |
| Quelle | In: Annual Review of Economics, 4 (2012), S.225-256 (32 Seiten)
PDF als Volltext |
| Sprache | englisch |
| Dokumenttyp | gedruckt; online; Zeitschriftenaufsatz |
| ISSN | 1941-1391 |
| DOI | 10.1146/annurev-economics-080511-110920 |
| Schlagwörter | Human Capital; Credit (Finance); Economic Impact; Evidence; Early Childhood Education; Intergenerational Programs; Macroeconomics; Social Mobility; Income; Student Loan Programs; Incentive Grants; Debt (Financial); Loan Default; Access to Education; Public Policy |
| Abstract | We review studies of the impact of credit constraints on the accumulation of human capital. Evidence suggests that credit constraints have recently become important for schooling and other aspects of households' behavior. We highlight the importance of early childhood investments, as 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 and 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 | Annual Reviews. PO Box 10139, Palo Alto, CA 94303. e-mail: service@annualreviews.org; Web site: http://www.annualreviews.org/journal/economics |
| Erfasst von | ERIC (Education Resources Information Center), Washington, DC |
| Update | 2020/1/01 |
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