Social and Behavioral Sciences Commons^™

“The Debt Is Suffocating To Be Honest”: Student Loan Debt, Prospective Sensemaking, And The Social Psychology Of Precarity In An Allopathic Medical School, William Burr, Judson G. Everitt, James Johnson

Sociology: Faculty Publications and Other Works

Confronted with soaring medical school costs and intensifying disparities in physician compensation by specialty, medical students are forced to make sense of medical education debt during the nascent stages of their careers in medicine. Few studies, however, have examined exactly how medical students make sense of these constraints or how this process might influence decisions about which specialty to pursue or affect doctors’ wellbeing. Leveraging qualitative data collected from current students across all four years of medical education at a Midwestern allopathic medical school, we document how medical students collectively engage in prospective sensemaking about their debt and how it …

Leverage Cycle Theory Of Economic Crises And Booms, John Geanakoplos

Cowles Foundation Discussion Papers

Traditionally, booms and busts have been attributed to investors' excessive or insufficient demand, irrational exuberance and panics, or fraud. The leverage cycle begins with the observation that much of demand is facilitated by borrowing, and that crashes often occur simultaneously with the withdrawal of lending.

Lenders are worried about default, and therefore attach credit terms like collateral or minimum credit ratings to their contracts. The credit surface, depicting interest rates as a function of the credit terms, emerges in leverage cycle equilibrium. Investors and lenders (and regulators) choose where on the credit surface they trade. The leverage cycle …

Anth201: Cross-Cultural Perspectives (Fall 2023), James Tolleson

Open Educational Resources

Cultural anthropology emerged to study the differences among human beings (and between human and non-human beings). This course will cover the foundations of the discipline, including a critical perspective on anthropology’s ties to European colonialism and the rise of global capitalism. Students will come away with an understanding of how cultural anthropologists study culture, defined as “a set of beliefs, practices, and symbols that are learned and shared. Together, they form an all-encompassing, integrated whole that binds people together and shapes their worldview and lifeways” (Brown, McIlwraith & Tubelle de González 2020, 6). We will also pay close attention to …

Fiscal Management: Cedarville Students Manage College Debt, Mark D. Weinstein

News Releases

Much has been made in the media about the cost of higher education. Tuition costs continue to climb, causing students to take out larger amounts of loans to pay for their education.

Reforming Predatory Payday Loan Practices In Minnesota, Michelle Dammann, Neida Juantos, Wendy Tougas

Master of Social Work Student Policy Advocacy Briefs

Since 1999 the payday lending industry has been draining millions of dollars from Minnesotans struggling to keep a roof over their heads, put food on the table, and provide for other basic needs. For many people, repeat borrowing is the only via options to meet their monthly expenses. People who use this short-term loan option often fall into a debt trap because of steep interest rates that make it nearly impossible pay off the original and subsequent loans. Predatory marketing and lack of available banking solutions force marginalized groups into a cycle of debt. Minnesota needs to invest in fair …

Student Loan Debt In Mountain West States, Zachary Walusek, Caitlin J. Saladino, William E. Brown Jr.

Higher Education

This fact sheet summarizes findings on student loan debt across Mountain West states from “Student Loan Debt by State,” a report by the Education Data Initiative.

Experimental Evidence On Consumption, Saving, And Family Formation Responses To Student Debt Forgiveness, Jason Jabarri, Stephen Roll, Mathieu Despard, Leah Hamilton

Social Policy Institute Research

As policy-makers grapple with whether or not to forgive student debt, for who, and how much, it is important to explore how student debt forgiveness would relate to intended household decisions and behaviors. We conducted a survey experiment that asked participants with student debt to imagine a scenario in which the federal government forgave a certain amount of student debt. We then had these participants report on how this would affect their decisions and behaviors. 1,053 participants were randomly assigned to one of four conditions that offered $5,000, $10,000, $20,000, and complete debt forgiveness. Our results indicate that student debt …

International Financial Institutions And Caribbean Development: A Comparison Of Haiti & Jamaica, Alexander Bruno

FIU Electronic Theses and Dissertations

The global financial system is based on, and influenced by specific institutions which are controlled by countries in the Global North. The International Monetary Fund (IMF) and World Bank (WB) are two of the institutions whose policies help to shape state behaviors, and reinforce the Global North’s dominance. Thus, the main hypothesis of this study is that institutional policies and programs of the IMF and WB aid and abet the continued underdevelopment of Caribbean island-states. This study examines the impact of IMF and WB policies on the United Nations Development Program (UNDP) measurements in Haiti and Jamaica, and how they …

A Convention To Save America, Andrew Todd Looker, Jr.

Masters Theses

Article V of the United States Constitution articulates the methods for amending the Constitution. Amendments are formally recommended by either a two-thirds vote of both Houses of Congress or by a vote of two-thirds of the state legislatures. This latter method is known as a Convention of States. Despite its inclusion in Article V, no amendment has yet been proposed for ratification by such a convention. This research aims to explain the history of Article V, the process for an Article V Convention, the current efforts to call such a convention, and amendments that should be considered at this convention. …

The Impact Of Student Debt On Career Choices Among Doctor Of Public Health Graduates In The United States: A Descriptive Analysis, Chulwoo Park, Eric Coles

Faculty Research, Scholarly, and Creative Activity

(1) Background: As gaps in the public health workforce grow in the wake of the COVID-19 pandemic, graduates of the schools of public health, especially Doctors of Public Health (DrPH), are poised to offer relief. While there are some known recruitment issues, student debt and debt impact on career choices are understudied. (2) Methods: In the present study, we perform a descriptive analysis of the potential impact of student debt on career choices among DrPH students and alumni in the United States using a cross-sectional national online survey. A total of 203 participants (66: alumni and 137: current students) completed …

Payday Lending: Reforming This Predatory Practice In Minnesota, Courtney Colton, Karmy Luker, Addy Haarstad-Mead, Sarah Turpen

Master of Social Work Student Policy Advocacy Briefs

Payday lending is a service that was intended to provide emergency financial relief to those who cannot afford an unexpected expense. However, 7 out of 10 borrowers use loans to cover monthly living expenses such as rent, utilities, and maintaining food security. With steep annual percentage rates averaging 391% and subsequent repeat borrowing, communities targeted by predatory lending companies fall deeper into the cycle of debt. Minnesota must reform their policies surrounding payday lending implementing legislative changes to protect Minnesotans who rely on payday loans and invest in long-term solutions that eliminate the need for a payday loan.

Beyond Debt And Equity: Dissecting The Red Herring And A Path Forward For Normative Critiques Of Finance, Aaron Z. Pitluck

Faculty Publications—Sociology and Anthropology

A recurring theme in academic, moralizing, and religious discourses laments the individual and societal perils of debt and praises equity. Contemporary Islamic banking and finance is one conspicuous example. Th is article recontextualizes this conversation by demonstrating that since the 1980s financial practitioners have been interpreting debt and equity as increasingly illegible cognitive schemas that nonetheless retain their historical and moral connotations. Th is line of argumentation suggests that normatively contrasting debt and equity is a red herring— a literary device and theoretical construct that misleads and distracts from the fundamental discussion of what constitutes salubrious or odious finance. Little …

To Stay Or Not To Stay? A Clash Of Arbitration And Insolvency Regimes, Darius Chan, Sidharrth B Rajagopal

Research Collection Yong Pung How School Of Law

In the wake of the global Coronavirus disease 2019 (COVID-19) pandemic, a rise in creditorinitiated winding-up proceedings is likely to be impending in coming years (See e.g., RCMA Asia Pte. Ltd. v. Sun Electric Power Pte. Ltd. [2020] SGHC 205). At the same time, geopolitical developments, such as the scale and ambition of Belt & Road Initiative projects, have raised questions over the issue of debt sustainability. Given the prevalence of arbitration clauses in modern international commercial and project agreements, the interplay and relationship between insolvency and dispute resolution, and especially arbitration, requires careful attention. While the intersections between the …

Fcab Africa: Advancing Financial Stability, Security, And Well-Being, Center For Social Development

Center for Social Development Research

In sub-Saharan Africa, mobile phones and financial technology have opened doors to financial inclusion for millions, but the new financial terrain is uneven ground fraught with risks. High fees, aggressive marketing, mounting personal debt, varied digital access, and nascent regulatory structures heighten vulnerability and threaten hard-won progress toward broad financial inclusion. Financial Capability and Asset Building in Africa, or FCAB Africa, will equip human-service professionals to broaden financial stability, security, and well-being in sub-Saharan Africa, developing the financial capability of service populations and cultivating sound financial strategies. The initiative will also work with financial-service providers to create a comprehensive financial-development …

Covid-19 And The Case For Global Development, Johan A. Oldekop, Rory Horner, David Hulme, Roshan Adhikari, Bina Agarwal, Matthew Alford, Oliver Bakewell, Nicola Banks, Stephanie Barrientos, Tanja Bastia, Anthony J. Bebbington, Upasak Das, Ralitza Dimova, Richard Duncombe, Charis Enns, David Fielding, Christopher Foster, Timothy Foster, Tomas Frederiksen, Ping Gao, Tom Gillespie, Richard Heeks, Sam Hickey, Martin Hess, Nicholas Jepson, Ambarish Karamchedu, Uma Kothari, Aarti Krishnan, Tom Lavers, Aminu Mamman, Diana Mitlin, Negar Monazam Tabrizi

Geography

COVID-19 accentuates the case for a global, rather than an international, development paradigm. The novel disease is a prime example of a development challenge for all countries, through the failure of public health as a global public good. The COVID-19 pandemic has highlighted the falsity of any assumption that the global North has all the expertise and solutions to tackle global challenges, and has further highlighted the need for multi-directional learning and transformation in all countries towards a more sustainable and equitable world. We illustrate our argument for a global development paradigm by examining the implications of the COVID-19 pandemic …

Geography Of Debt In Nevada Counties, Eshaan Vakil, Peter Grema, Caitlin J. Saladino, William E. Brown Jr.

Demography

This Fact Sheet summarizes and expands on the Urban Institute’s Debt in America: An Interactive Map online interactive dataset. The original data source offers statistics on the share of individuals in both white communities and communities of color with debt in collections, as well as the median value of this debt. The dataset further itemizes this information by medical, student loan, and automobile debt organized within counties and states. Data are presented for white communities and communities of color in Nevada’s most populous counties: Clark and Washoe.

"At The Very Beginning, There's This Dream." The Role Of Utopia In The Workings Of Local And Cryptocurrencies, Diane-Laure Arjalies

Business Publications

Since the 2008 financial crisis, the number of alternative currencies aiming at transforming global financial institutions, such as local and complementary currencies (LCC) and cryptocurrencies, has exploded. Yet the motivations and workings of such monies are relatively unknown. This chapter aims to fill this gap by providing a framework that uncovers the ideals pursued by alternative currencies, and the effects of those ideals on the production of money. To do so, I present a comparative analysis of the valuation infrastructure – the processes through which value(s) is produced – of one LCC, Sol Violette, and three cryptocurrencies, Bitcoin, Ğ1 …

The Impact Of Stronger Shareholder Control On Bondholders, Sadra Amiri-Moghadam, Siamak Javadi, Mahdi Rastad

Economics and Finance Faculty Publications and Presentations

We study the impact of stronger shareholder control on bondholders. We find that the passage of shareholder-sponsored governance proposals causes a decline in CDS spreads, indicating a net positive effect on bondholders. Evidence suggests that the direct benefit of stronger shareholder control, through “management disciplining” channel, is larger than the combined adverse effects of directly escalating shareholder-bondholder conflict and indirectly exacerbating exposure to shareholder opportunism. Results are stronger for firms with existing high levels of shareholder-bondholder conflict and for proposals that mitigate managerial entrenchment without exacerbating risk-shifting. Finally, stronger shareholder control improves credit ratings and operating performance in the long-term.

The Public Reckoning: Anti-Debt Futures After #Rickyrenuncia, Sarah Molinari

Publications and Research

This essay argues that the summer 2019 mobilizations in Puerto Rico and the renewed demand for a debt audit help to imagine anti-debt futures that disrupt the terms and temporalities of public debt and indebted lives. The essay discusses one form of debt resistance-a comprehensive citizen debt audit-as central to deepen the process of public reckoning marked by #RickyRenuncia and to build upon the landscapes of protest and solidarity emerging in its wake.

A Brighter Future: The Effect Of Social Class On Responses To Future Debt, Harrison J. Schmitt, Lucas A. Keefer, Daniel Sullivan, Sheridan Stewart, Isaac F. Young

Faculty Publications

© 2020, PsychOpen. All rights reserved. The present study serves as an exploratory investigation of the role of social class in responses to the threat of future debt. Previous work has shown that individuals of high and low subjective social class differ in the ways that they respond to a broad range of threats and uncertainties about the future. Across three studies, we found that lower social class individuals expect more future debt and suffer greater attendant stress than higher class individuals (Study 1). We found that experimental manipulations of debt salience increased stress for lower class and not for …

Societal Impacts Of Sports Betting In Colorado, Lawerence Wall Jr.

Selected Social Change Portfolios in Prevention, Intervention, and Consultation

Sports betting has become legal in many states across the Unites States after the Murphy v. National Collegiate Athletic Association United States Supreme Court case was ruled in favor of the former New Jersey Governor Chris Christie on May 14, 2018. This case overturned the Professional and Amateur Sports Protection Act (PASPA), allowing state-sponsored sports betting. PASPA was passed by Congress in 1992 to prohibit state-sanctioned sports gambling, except in four states: Delaware, Montana, Nevada, and Oregon, which already established legal sports betting regulations. New Jersey failed to apply in 1991 to be added to the list of exempt states …

Debt Accumulation And Economic Growth In Emerging Market Economies: Is Debt Promoting Or Hindering Growth?, Kelly Stone

Mahurin Honors College Capstone Experience/Thesis Projects

The International Monetary Fund (IMF) recently warned of the growing accumulation of debt in emerging market economies (EMEs) and the potential for debt crises, a clear warning for investors (Allen, 2018). While the IMF suggests investors may be better served elsewhere, EMEs hold an integral role in the international market as consumers, producers, and entrepreneurs. Despite regular research on advanced economies, middle income countries like EMEs are often ignored. As EMEs grapple with their inability to overcome the current increase in the value of the US Dollar, this study works to understand how debt impacts economic growth and other governance …

Understanding The Ins And Outs Of Financial Services And Products Is A Daunting And Difficult Task: An Intern’S Reflections Of Financial Services And Products Over 11 Months, Alesha Klein

Stevenson Center for Community and Economic Development—Student Research

No abstract provided.

Next Steps: Whither Social Work Education And Financial Capability And Asset Building?, Darla Spence Coffey

Center for Social Development Research

This CSD Perspective has been adapted from an address given by Dr. Coffey on April 17, 2018, as part of Coin a Better Future: Reaching Out to Financially Vulnerable Families, an event sponsored by the Center for Social Development at Washington University and the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis.

Faculty Perspectives On Financial Capability And Asset Building In Social Work Education: A Research Report, Margaret S. Sherraden, Jin Huang, Lissa Johnson, Peter Dore, Julie Birkenmaier, Vernon Loke, Sally Hageman

Center for Social Development Research

This report is based on a study conducted in collaboration with the Council on Social Work Education. The report presents findings from a national online survey of social work faculty. Results identify financial and economic (F&E) content taught in the current curriculum, gaps in coverage, and strategies for improving the academic preparation of social workers in these areas. Findings will inform financial capability and asset-building curriculum and improve the academic preparation of social workers.

The Experience Of Volatility In Low- And Moderate-Income Households: Results From A National Survey, Stephen P. Roll, David S. Mitchell, Sam Bufe, Gracie Lynne, Michal Grinstein-Weiss

Center for Social Development Research

This is the first in a series of briefs that the Center for Social Development has produced in partnership with the Aspen Institute’s Expanding Prosperity Impact Collaborative (EPIC) and the Intuit Tax and Financial Center. It highlights new data on the prevalence of income and expense volatility in low- and moderate-income households.

The Modigliani-Miller Theorem At 60: The Long-Overlooked Legal Applications Of Finance’S Foundational Theorem, Michael S. Knoll

All Faculty Scholarship

2018 marks the 60th anniversary of the publication of Franco Modigliani and Merton Miller’s The Cost of Capital, Corporation Finance, and the Theory of Investment. Widely hailed as the foundation of modern finance, their article, which purports to demonstrate that a firm’s value is independent of its capital structure, is little known by lawyers, including legal academics. That is unfortunate because the Modigliani-Miller capital structure irrelevancy proposition (when inverted) provides a framework that can be extremely useful to legal academics, practicing attorneys and judges.

Financial Anxiety In Low- And Moderate-Income Households: Findings From The Household Financial Survey, Stephen P. Roll, Samuel H. Taylor, Michal Grinstein-Weiss

Center for Social Development Research

Despite significant gains in the U.S. economy following the Great Recession, finances remain a common source of stress for many American households. In 2016, 52% of U.S. workers reported that their financial position made them stressed, and research reveals that stress and anxiety associated with finances are particularly common among low-income Americans. In this brief, we explore the topic of financial anxiety, particularly its relationship to demographic and financial characteristics, measures of hardship, and financial behaviors. We find that financial anxiety is strongly linked to the overall levels of debt and assets held by low-income households, as well as their …

The Role Of Health Insurance In The Financial Lives Of Low- And Moderate-Income Households, Mathieu R. Despard, Dana C. Perantie, Jane E. Oliphant, Stephen P. Roll, Michal Grinstein-Weiss

Center for Social Development Research

Health insurance is an important resource for enabling access to and use of medical care, and is associated with reduced risk for mortality and poor health outcomes. Health insurance also protects households from incurring major medical expenses and unmanageable levels of medical debt. About a quarter of a sample of low- and moderate-income (LMI) tax filers have no health insurance, compared to 10% of all individuals in the United States. As of 2014, the proportion of filers without insurance was 11 percentage points higher in states that had not expanded Medicaid through the Affordable Care Act (ACA) than it was …

Racial Disparities In Student Debt: Evidence From The Refund To Savings Initiative, Samuel H. Taylor, Dana C. Perantie, Nava Kantor, Michal Grinstein-Weiss, Shenyang Guo, Ramesh Raghavan

Center for Social Development Research

This brief provides evidence that low- and moderate-income (LMI) Black households accumulate significantly more debt in pursuit of a higher education than do LMI White students, even after using rigorous methods to account for race- and debt-related confounders. Using data from the Refund to Savings experiment, the authors find that LMI Black households accrued $7,721 more in student loan debt than their White counterparts did. This finding is crucial in light of the financial vulnerability of this population both before and after college. That vulnerability potentially contributes to diminished returns and exacerbates racial disparities in educational outcomes and wealth accumulation. …