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How to Find the Best Payday Loan Companies?

How to Find the Best Payday Loan Companies

Payday loans have just recently appeared on the credit market, but already managed to gain popularity. But what are payday loans? Why did this type of loan become more popular than ordinary bank loans? Why are online money loans better? How do payday loans work?

The concept of a payday loan

So, a payday loan is borrowing money from a private microcredit organization for a short period (usually up to 30 days). The number of companies that provide such services is increasing every day, but they offer different terms and conditions. Read the rest of this entry »

CREDIT IN THE MARKET AND SPEEDY PAYDAY LOANS

automobile loanThe main goal of our paper can be described as estimating the elasticities of automobile loan demand with respect to interest rate and maturity, and testing the hypothesis that different population groups have different elasticities, with the group least likely to be liquidity constrained exhibiting higher interest rate elasticity, and zero maturity elasticity. Unlike Juster and Shay (1964), we do not rely on an experiment, but use data on individual car purchases and the loans associated with them. The simple model sketched in Section 2 constitutes the basis for the specification of the empirical equations we estimate below.

Using actual data on auto financing rather than responses to survey questions, poses, however, several challenges. First, credit constraints may affect the decision to purchase a car; consumers who do not enter the automobile market may do so because they do not wish to buy a car, or because they cannot obtain the necessary loan to finance the purchase. Second, the amount which is borrowed may depend on the size of the car that is bought which in turn may depend on the availability and cost of credit. Third, information on the loan terms facing the buyer, interest rate and maturity in particular, is available only for the subset of consumers who finance their purchase; the notional interest rate faced by those who do not finance is not observed (neither is the rate of return they earn on their savings). Fourth, consumers who finance 100% of their car, are also at a corner, even though the interest rate and the maturity of their loans are observed.11 Fifth, the interest rate and maturity of those who finance may be endogenous, since consumers generally choose the combinations of interest rates and maturities that best fit their needs. In addition, as documented below, different consumers may face different interest rates and maturities depending on how much they borrow, what type of car they buy (new vs. used), etc.. This implies that interest rates and maturities (as well as their interactions) should be treated as endogenous. We discuss these issues below.

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BANKING. INTERNET LOANS: FASTER AND SAFER: The Two-Stage Globalization of Regulatory Competition

product’s marketContemporary theories of industrial organization seek to explain how a product’s market structure evolves through time to permit efficient firms to discipline or displace relatively less-efficient competitors. The force of these theories is particularly easy to grasp when we focus on hypothetical markets that meet a set of ideal conditions that Baumol, Panzar, and Willig (1986) call “perfect contestability.”

A market is perfectly contestable when entry and exit costs are each zero and incumbent firms exit quickly whenever they find themselves faced with negative profits. In perfectly contestable markets, low-cost firms readily displace high-cost firms and incumbent competitors are prevented from setting monopoly prices by the threat of hit-and-run entry by other equally-efficient firms.

This paper deploys an imperfectly contestable-markets perspective on market-structure change to discern two stages of financial deregulation in Asia and elsewhere. The first stage takes the form of de facto deregulation of entry barriers by market forces. The second stage consist of subsequent de jure ratification and regularization of market developments by the financial regulatory establishment.

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TAX EVASION DYNAMICS: Introduction


The U.S. tax system relies on a form of voluntary compliance. Under U.S. law, taxpayers are required to assist tax authorities by reporting their incomes honestly and paying taxes based on their reported incomes. The system is actively enforced by the Internal Revenue Service (IRS) and the courts, who can impose substantial penalties for noncompliance. Nevertheless, tax evasion is a major concern in the United States, and even more so in other countries.

Individuals underreport approximately 10.6% of their incomes annually in the United States, and the IRS estimates that tax evasion reduces U.S. tax collections by $190 billion annually (Herman, 1998). Little is understood about the factors that determine how much income individuals report to the government and, of particular interest to policymakers, about the way in which aggregate compliance responds to changes in the economic and policy environment.
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TRADE REFORM: Conclusion

Proponents of a general equilibrium framework could simply argue that we cannot capture the impact in this partial equilibrium, plant-level analysis. However, the results do point to the importance of foreign investment, export orientation, and technological change (as captured by royalty payments) in driving wage inequality. Since there were significant changes in both foreign investment and export orientation during this period, with rapid increases in both, these results suggest that openness certainly does matter.

Further analysis, on a sample with greater variation over time in many of the dependent variables, is needed to analyze the importance of these factors. Nevertheless, there are many still unexplained sources of increasing wage inequality in Mexico, as is clear from the significance of the time dummies in Table 5.
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TRADE REFORM: Wage Inequality and Globalization 6


The relative wages of white-collar workers are higher in medium-size plants, with less than 750 workers. Relative white-collar wages are also higher in more capital-intensive plants. Most of the dummy variables for the capital-labor quintiles are positive and statistically significant, and all of the plant-size dummy variables are positive and generally statistically significant. Relative wages are positively correlated with the share of profit-sharing payments in plant labor costs, indicating that the wage gap is higher in plants that have profit-sharing arrangements. Finally, the increasingly less negative and significant coefficients on the year dummy variables indicate that there is a strong time trend towards increasing wage inequality that is not explained by observable plant or industry characteristics.

The OLS regressions with the relative employment of white-collar workers as the dependent variable are reported in Table 6. The impact of tariffs and quotas is again mixed, depending on the specification. Across the levels specifications, we generally find that high tariffs are negatively associated with relative skilled employment, while high quotas are positively associated with the relative employment of white-collar labor.
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TRADE REFORM: Wage Inequality and Globalization 5

To control for institutional features of labor markets, we include plant shares of social-security contributions, non-wage payments, and profit-sharing with workers in total labor costs.

Table 5 presents results for the relative-wage regressions. Relative wages are defined as the log ratio of white collar to blue-collar average annual average annual wages. To address the possibility of multicollinearity, we begin by regressing in the first column relative wages on the two trade policy variables without any other controls. We then redo the analysis in first differences in the second column. Unfortunately, due to very little time series variation in many of the other independent variable, we only redo (1) in first differences. In the third column, we add other measures of openness. In the fourth column we add technology and labor market institution variables. Finally, in the fifth column we add additional measures of technological change. so
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TRADE REFORM: Wage Inequality and Globalization 4


Nevertheless, there are a number of problems associated with estimating (4). Relative wages and value-added both determine and are determined by cost shares. In addition, we would like to know whether shares are changing because wages are responding to technology shocks, or employment levels, or both. Consequently, instead of estimating (4) we estimate a reduced form for both relative wages and relative employment levels separately as a function of both technology shocks and capital stock, the two variables in (4) which are pre-determined. This allows to identify the separate effects of technology shocks on both relative wages and relative employment. More info

Estimation Issues and Results

We have annual data on 2,354 manufacturing plants from the Secretariat of Trade and Industrial promotion (SECOFI) for 1984 through 1990. We proceed to examine the observable characteristics of these plants which are correlated with the relative wages and relative employment of skilled workers. We do so by regressing the log ratio of white-collar to blue-collar wages and the log ratio of white-collar to blue-collar employment on measures of (i) plant and industry export activity, (ii) plant and industry foreign-ownership status, (iii) trade protection, (iv) plant technology characteristics, and (v) characteristics of labor-market institutions observed at the plant level.
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TRADE REFORM: Wage Inequality and Globalization 3

To address these possibilities, we turn to plant-level evidence on the factors that contribute to relative wage and relative employment changes. In departing from a general equilibrium framework, we no longer test for the importance of H-O effects on wage inequality.
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In fact, if both skilled and unskilled labor are perfectly mobile across sectors, sector-specific changes in tariffs and quotas should have an insignificant impact on sector or plant-level wage inequality. However, the estimation presented below could be consistent with a specific factors model, where labor is the specific factor. For example, if skilled labor is specific to the export sector, while unskilled labor is specific to the importable sector, trade reform could be associated with increasing wage inequality in Mexico.

These results are consistent with Revenga (1997), who argues that unionization gave workers sector-specific rents. The evidence presented in Revenga (1997) suggests that Mexican workers in manufacturing adjusted primarily through sector-specific wage declines, rather than through employment reallocation. In Morocco, where unions have no power, there was no evidence of sector-specific wage responses to the trade reform.
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TRADE REFORM: Wage Inequality and Globalization 2

Although the results presented in Section II address the overall impact of trade on trade and labor, they do not analyze the distributional consequences of trade reform for skilled and unskilled labor. This is an issue which has been extensively studied for the United States and other developed countries, but much less so for developing countries. In this section, we focus on Mexico’s experience with trade reform. Mexico is a particularly interesting case because wage inequality had been declining in the decades prior to reform in 1985. Following the trade reform, however, the ratio of skilled to unskilled wages increased dramatically.
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In a world with mobile labor, the impact of trade reform on wage inequality should be analyzed in a general equilibrium context. Under the standard general equilibrium framework of the Heckscher-Ohlin model, trade reform could be associated with increasing inequality if opening up to trade increases the price of skill-intensive goods (the Stolper-Samuelson Theorem). In the Mexican context, this would imply one of two possible hypotheses: (1) Mexico has a comparative advantage in producing goods which are intensive in the use of skilled labor or (2) Mexico protected its labor intensive sectors prior to the trade reform.
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