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Full-Text Articles in Law
Equality And Access To Credit: A Social Contract Framework, John Linarelli
Equality And Access To Credit: A Social Contract Framework, John Linarelli
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The problems governments face in regulating consumer finance fall into two categories: normative and cognitive. The normative problems have to do with the way that some governments, particularly those adhering to an American model of household finance, have financed social mobility and intergenerational welfare through debt, a tenuous and socially risky policy choice. Credit has a substantial social aspect to it in the United States, where the federal government has in some way engaged in subsidizing about 1/3 of consumer credit, particularly in the residential mortgage market, feeding into a substantial capital markets dimension through government-guaranteed securitization. Most Americans think …
Financial Inclusion, Access To Credit, And Sustainable Finance, John Linarelli, Stephen L. Schwarcz, Ignacio Tirado
Financial Inclusion, Access To Credit, And Sustainable Finance, John Linarelli, Stephen L. Schwarcz, Ignacio Tirado
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No abstract provided.
Debt In Just Societies: A General Framework For Regulating Credit, John Linarelli
Debt In Just Societies: A General Framework For Regulating Credit, John Linarelli
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Debt presents a dilemma to societies: successful societies benefit from a substantial infrastructure of consumer, commercial, corporate, and sovereign debt but debt can cause substantial private and social harm. Pre- and post-crisis solutions have seesawed between subsidizing and restricting debt, between leveraging and deleveraging. A consensus exists among governments and international financial institutions that financial stability is the fundamental normative principle underlying financial regulation. Financial stability, however, is insensitive to equality concerns and can produce morally impermissible aggregations in which the least advantaged in a society are made worse off. Solutions based only on financial stability can restrict debt without …