政府當(dāng)押貸款供應(yīng)規(guī)定的作用來自美國(guó)的51個(gè)司法管轄區(qū)的證據(jù)【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：Theeffectsofgovernmentregulationsonthesupplyofpawnloans:evidencefrom51JurisdictionsintheU.S.Notwecontributetothemodestamountofexistingempiricalresearchonthefringebankingindustrybyexaminingtheeffectsof

2、twojurisdictionspecificrestrictiveregulationsonthesupplyofpawnloans.Controllingfpovertylevelseducationlevelspopulationdensitystatebystatedatapresentedinthispaperfromthe51politicaljurisdictionsintheUnitedStatessuggestscon

3、siderableeffectsinexpectedwaysonfiveaspectsofsupplyfromthetworegulations.Mespecificallythestudyprovidessupptfthesuggestionthatinterestrateceilingsarequirementtoreturnexcessproceedsfromthesaleofcollateralitemstendtoreduce

4、thenumberofstehoursloanvalueratiosthenumberofverysmallloansmadethenumberofexistingpawnshops.Thelendingactivitiesofthosewkingoutsidetraditionaldeposityfinancialinstitutionsaresometimesacterizedasfringebankingoperations.Of

5、theestablishedfringebankerspawnshopsconstitutethemostmaturesegment.1Havingbeenaroundfhundredsofyearspawnbrokersmakeverysmall(usuallyunder$100)loansfshtperiodsoftime(usuallyaround2months)takingphysicalpossessionofpersonal

6、itemsascollateral.Inthestardpawntransactionthecollateralisreturnedtothebroweruponloanrepaymentownershipautomaticallytransferstothelenderifthebrowerchoosestonotrepaytheloan.Withafewnotableexceptions(whichwillbeexaminedint

7、henextsection)academicresearchonthepawnshopindustryhassufferedfromneglectfalongtime.AsCaskey(1991)haspointedoutthisneglectfromtheacademiccommunityisunftunateasthepercentageofthepopulationservedbythepawnindustrymayreachas

8、highas10%.FurthermeCaskey(1991)statesB...economistswillhaveaRelativetomostAmericanspawnbrowerstendtohavelesseducationlessaccumulatedwealthlowerincomeslessstableemploymenthigherbankruptcyratesahostofdemographiclifestylepa

9、tternsthatquiteobviouslydonotfitwellwiththemodelinherentinthetraditionalbanklendingenvironment.Pawnbrokershaverecognizedtheseacteristicsinthissegmentofthepopulationhavestructuredtheirproductinasubstantiallydifferentwayin

10、dertoaccommodatethiscustomer.Indertoservethissegmentofthepopulationprofitablypawnlendersrequirenocreditchecksnodepositaccountsnoemploymenthistybut(asnoted)theydotakephysicalpossessionofcollateralinmakingaloan.Fthosehavin

11、gtheacteristicsmentionedthealternativestopawnshopbrowingarefew.2Thislackofbrowingalternativessuggeststhatthedemfpawnloanswhilenotlargerelativetotheentireconsumerloanmarketisratherinelasticfthesubstantialsegmentofthepopul

12、ationmeetingtheacteristicsnoted.Theinelasticdemfpawnloanscanalsobeunderstoodintermsoftimepreferences.Understingthattimepreferencescanbeafunctionofmanythingsitiseasytoseethatpeoplehavingtheacteristicsdescribedwouldtendtoh

13、avehightimepreferencesinthesensethattheyoftentendtobesomewhatdesperateatthemarginwheretheyfinditnecessarytoseektheservicesofapawnshop.InadditiontotheirresearchontheacteristicsofpawnbrowersJohnsonJohnson(1998)specifically

14、theizethatloantovalueratiosaverageloansizesmightbeexpectedtovaryinresponsetoapawnmarketburdenedwithrestrictiveregulations.Theydidnothoweverattempttotestthisempirically.TheSupplyofPawnLoans:OnthesupplysidethewkofCaskey(19

15、9119941997)hasbeensignificant.Controllingfeducationlevelspovertylevelspopulationdensitytherequirementtoreturnexcessproceedsfromthesaleofcollateralitemsinananalysisofpawnactivitiesin28stateswitheffectiveinterestrateceilin