2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：PawnCredittheImptanceofFinancialExclusionThepawnbrokingindustryisthrivingagain.RecentlyReuters(2009)reptedthattheU.S.pawnbrokingindustryisgrowingataratenotseeninthepast10years.TheSwedishpawnbrokingind

2、ustryfmsnoexceptionin2008itsoutstingloanbalanceroseby20percentfthesecondconsecutiveyeartoSEK1.35bn.In2009pawncreditisfecastedtogrowtoSEK1.5bn.UntilrecentlythedemfpawncreditinSwedenwasrelativelystable.AsintheU.S.aroundfou

3、rpercentoftheSwedishadultpopulationusestheservicesofapawnshoponaregularbasis.Interestinglygiventhepresenceofcollateralthehigherinterestratestypicallygedonpawncredit90percentofthecustomerspaybacktheirloan.Theaveragepawnlo

4、aninSwedenhasavalueofSEK2500(USD350400)hasamaturityof141days.Thecostincludinginterestfeesassociatedwithsuchaloanamountsto20percentoftheloan’sprincipaltwopercentoftheaverageaftertaxincomeearnedduringthematuritybythepawnbr

5、owers.Indertojustifybrowingatsuchhighcoststardlifecycleconsumptionmodelsrequiresveryhighdiscountrateseventsthatcauselargeunanticipatedvariationinthemarginalutilityofconsumption.AsSkiba(2007)pointoutbrowingatsuchratesisev

6、enmedifficulttoexplainifconsumerswouldhavelowercostcreditalternatives.Conventionaleconomictheysaysthatconsumercreditevenifithashighinterestratesisameanstoalleviatetemparyliquidityconstraintsafacilitatofconsumptionsmoothi

7、ng.Manypolicymakersconsumeradvocateshaveadifferentviewdeemingthehighinterestcreditloanslikepaydayloanspawncreditpredatyusurious.Comparedtopaydaylending“smsloans“pawncreditlendinghassomeparticularacteristicsthatlesslikely

8、leadbrowersontoabasedonthetimingofthedecisiontotakerepaytheirpawnloanthatindicategiventhesmallloanamountsatstakethepresenceoftoughconstraints.FirstIdocumentanincreaseddemrightbefeahigherrepaymentraterightafterthetwonatio

9、nwidemonthlypaydays.Overalldemis20percenthigherintheweekbefepaydayrepaymentsarealmost120percenthigherinthethree7daysaftereachofthetwopaydays.SecondIfindahigherrepaymentrateaftertheannualtaxreturnsinJune.Takentogetherthes

10、efindingspointtoanimptantrolefpawncreditplaysinalleviatingcreditconstraints.AsIshowlateronpawncreditisusedbothasasubstitutefcomplementtoregularcredit.Conditionalonbeingrejectedtheprobabilityofobtainingapawnloanis11.3perc

11、entconditionalonbeingacceptedtheprobabilityis7.8percent.Howeverthevastmajityofallpawnloans73percentistakenwithoutfirsttryingtogetcheapercreditataregularbank.Inotherwds73percentofallpawncreditisobtainedbysocalleddiscourag

12、edparedtomedelsvenssontheaverageSwedeatypicalpawnshopcustomerismelikelytobeyoungfemalelivinginabigcity.Shemaybecurrentlymarriedbutismelikelytohaveexperiencedadivcewidowhoodintheyearbefetakingthepawnloan.Herincomeislowers

13、heislesslikelytohaveincomefromcapitalownahouse.Ifshedoesownahousethenherhouseislikelyhavingavaluebelowaverage.Herregularbankhistylookswsewithmeloandenialsahigherdebttoincomeratiomepaymentremarks.Inadditionsheisalsomelike

14、lytohaveutilizedatleast90percentofherexistingcreditlinesatmainstreambankshavenocreditlineavailable.Discouragedbrowersbroadlyconfmtothisprofilebuthaveacreditscethatisevenlower.Theobjectiveofthispaperisthreefold.Firstitaim

15、satimprovingourunderstingofthefactsthatleadconsumersinpotentiallyverydifferenteconomicsituationstoapplyfsourcesofcreditwithsubstantiallyhighercoststhanmainstreambankcredit.Thispapercannotgiveafinalanswertothequestionwhyf

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