Payday Loan Choices and Consequences

High‐cost consumer credit has proliferated in the past two decades, raising regulatory scrutiny. We match administrative data from a payday lender with nationally representative credit bureau files to examine the choices of payday loan applicants and assess whether payday loans help or harm borrowers. We find consumers apply for payday loans when they have limited access to mainstream credit. In addition, the weakness of payday applicants’ credit histories is severe and longstanding. Based on regression discontinuity estimates, we show that the effects of payday borrowing on credit scores and other measures of financial well‐being are close to zero. We test the robustness of these null effects to many factors, including features of the local market structure.     

Labor Responses,Regulation, and Business Churn

We develop a model of sluggish firm entry to explain short‐run labor responses to technology shocks. We show that the labor response to technology and its persistence depend on the degree of returns to labor and the rate of firm entry. Existing empirical results support our theory based on short‐run labor responses across U.S. industries. We derive closed‐form transition paths that show the result occurs because labor adjusts instantaneously while firms are sluggish, and closed‐form eigenvalues show that stricter entry regulation results in slower convergence to steady state. Finally, we show that our theoretical results hold in a quantitative model with capital accumulation and interest rate dynamics.     

人力资源的效率HDFC银行使用全面的人力资源解决方案来应对不断变化的资源需求

在刚刚萌芽的新兴市场中能够迅速发展应该是一件可喜可贺的事情,除非这个迅速发展的机构不能跟上日益加大的劳动力需求步伐,也不能简化对多个数据库的管理.位于印度孟买的HDFC银行就是一家做得非常出色的企业.     

An Anatomy of Commodity Futures Risk Premia

We identify two types of risk premia in commodity futures returns: spot premia related to the risk in the underlying commodity, and term premia related to changes in the basis. Sorting on forecasting variables such as the futures basis, return momentum, volatility, inflation, hedging pressure, and liquidity results in sizable spot premia between 5% and 14% per annum and term premia between 1% and 3% per annum. We show that a single factor, the high‐minus‐low portfolio from basis sorts, explains the cross‐section of spot premia. Two additional basis factors are needed to explain the term premia.     

资本优势ORACLE金融服务应用程序帮助西太平洋银行保持其运作效率方面的优势

银行业的风险管理规则在新巴塞尔协议中有了相当大的改变.新巴塞尔协议以及越来越激烈的竞争给澳大利亚历史最悠久、最大的银行企业--西太平洋银行公司(Westpac Banking Corporation)带来了许多挑战.而Oracle金融服务解决方案正帮助西太平洋银行应对这些挑战.     

Fiscal Data Revisions in Europe

Revisions of budget balances in Europe could be particularly worrisome as adherence to multilateral surveillance rules is judged upon initial data releases. We use a pool of real‐time vintages of data for 15 EU countries over the period 1995–2008. Our main findings are: (i) preliminary releases are biased and nonefficient predictors of subsequent releases, (ii) such systematic bias in revisions is a general feature of the sample, (iii) Eurostat's decisions explain a significant share of the bias and provide some evidence of window dressing practices, and (iv) expected real gross domestic product growth, political cycles, and the strength of fiscal rules also contribute to explain revision patterns.     

安享退休生活ORACLE与SYSDE合作,让退休人员高枕无忧

位于哥斯达黎加的SYSDE国际公司成立于1991年,由于它及时敏锐地投身于金融解决方案的模块系统开发,所以很快就成为拉丁美洲几个领先的金融服务应用软件供应商之一.今天,SYSDE不仅获得了全球养老基金管理公司金融市场25%的份额,而且还不断地将服务扩展到哥斯达黎加、墨西哥、厄瓜多尔、萨尔瓦多、韩国、波兰和非洲的金融机构.作为Oracle合作伙伴网站的一个主要成员,SYSDE从一开始就是在Oracle平台上开发其产品.