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Essays on savings and the financing of reconstruction and development in South Africa: A study of the loan market for low-income housing.

机译：南非的储蓄和重建与发展融资论文：低收入住房贷款市场研究。

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摘要

This dissertation seeks to analyze the flow of savings from lenders to borrowers, or more generally the flow of funds to finance productive and welfare enhancing investment. South Africa will provide the case study. The argument will be made that given economic conditions similar to South Africa, a policy that places the burden on unfettered markets to channel funds to where they are most needed will most likely result in significant shortfall of funds. This dissertation focuses in particular on social investment. From a philosophical point of view social investment is based on the view that often times certain investments are necessary to maximize social welfare, yet due to the nature of certain investments private voluntary lending could be discouraged. Social investment is required to ensure corporate responsibility; fill financing gaps arising from asymmetric information; provide finance to investments that are deemed socially necessary but do not generate an adequate expected rate of return; compensate for under lending to finance public good production; and increase lending in the case that lenders in the market have a preference for discrimination. A model is developed and used to demonstrate how asymmetric information in low income housing market could result in underlending. These results lead to policy suggestions. Collateral valuation on the part of the lender is shown to be particularly significant. Policies suggested include upgrading of residential communities and increasing credit-recording agencies. Efforts to liberalize financial sectors work against the feasibility of implementing a social investment program.
机译：本文旨在分析储蓄者从放款人流向借款人的过程，或更笼统地分析为生产性和福利提高投资提供资金的资金流。南非将提供案例研究。将提出这样的论点，即鉴于与南非类似的经济条件，将政策置于不受束缚的市场负担上，将资金引导到最需要的地方的政策很可能会导致资金严重短缺。本文特别关注社会投资。从哲学的角度来看，社会投资是基于这样的观点，即经常需要某些投资才能实现社会福利的最大化，但是由于某些投资的性质，私人自愿贷款可能会受到阻碍。需要社会投资以确保企业责任；填补信息不对称造成的资金缺口；向被认为具有社会必要性但未产生足够预期回报率的投资提供资金；补偿为公共产品生产提供资金的贷款；如果市场上的贷方倾向于歧视，则增加贷款。开发并使用一个模型来演示低收入住房市场中的信息不对称如何导致放贷。这些结果导致了政策建议。贷方的抵押品评估显示出特别重要的意义。建议的政策包括升级居住社区和增加信用记录机构。放开金融部门的努力与实施社会投资计划的可行性背道而驰。

著录项

  • 作者

    Ebert, Laura Caron.;

  • 作者单位

    New School for Social Research.;

  • 授予单位 New School for Social Research.;
  • 学科 Economics General.; Economics Finance.
  • 学位 Ph.D.
  • 年度 2000
  • 页码 116 p.
  • 总页数 116
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 经济学;财政、金融;
  • 关键词

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