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After the US dollar replaced gold, the US debt became attention worldwide, thus the demand for the US dollar continued, as the extremely low interest of the dollar. This helped the US government to borrow great amounts of debt as well as kept the creditors pleased. Due to the pandemic, the US economy retrograded because of the tax cut and unproductive rescue spending plan plus surpassing spending of the government. The acceleration of inflation looms, whereas the recession is begging to appear; certainly, the government must cut back on spending or its patterns, while this will lead to uncertain consequences for the long future. Whereas increasing the interest rate will be not the right solution for the long term, on the contrary, will lead to dire economic consequences. This paper discusses several different perspectives on the US government's sustainability as its ability to settle the debt in future, the fate of growth burdened with that debt through the neoclassical mode of growth, and also the effect of anxiety of defaults and unfunded obligations. Inversely, it explores the strength of the dollar with a low-interest rate and its sustainability worldwide. We also propose ways helping of strengthen the fiscal government position and solutions to help the economy recover in the long term and to easiest the situation. In the synopsis, we propose something that could affect and shake the global market.

Large-scale irresponsible consumer credit lending across the EU, along with the growing digitalisation of the market place, in the last decade or more has exposed serious limitations of the 2008 Consumer Credit Directive in ensuring adequate consumer protection in the unsecured credit markets. To remedy the shortcomings of the current regulatory regime, the European Commission’s Proposal for a New Consumer Credit Directive seeks to introduce a number of important changes. This article discusses the proposed changes and critically assesses their potential to ensure responsible lending in the digital age. It concludes that the adoption of the revised directive would represent a major step forward in combatting irresponsible lending practices and protecting European consumers against overindebtedness in the digital market place. At the same time, however, the effectiveness of the new consumer credit directive will depend to a considerable extent on its implementation and application in the Member States.

The behaviour of taking out unsecured loans to purchase goods or services is in danger of causing over-indebtedness, especially among young adults. The lending of consumer credits is closely associated with inadequate creditworthiness assessments as well as high interest rates, which implicates that borrowers with narrow margins are granted loans that they are later unable to repay. Consumer information in the form of loan terms and pre-purchase information is not sufficient to give the consumer an understanding of the long-term effects that a consumer credit may have on the personal finance. The aim of this study is to explore how the Swedish Consumer Agency can use cautionary tales to influence young adults’ (18–29 years) attitudes towards consumer credits. The research objective is to present a design proposal for a narrative, as part of a public communication campaign with the Swedish Consumer Agency as messenger. To develop an understanding of possible reasons why young adults take out consumer credits, as well as the consequences for those who cannot repay their loans, quantitative as well as qualitative data was collected from government publications and official statistics. Based on the findings from the data collection, a narrative for a campaign video was created in the format of a screenplay. The narrative's potential impact was then evaluated with the help of prospective users of the campaign video. The results from the user testing show that the narrative activated psychological processes in the participants which are associated with attitudinal impact. Thus, the results suggest that a cautionary tale, which explains potential causes and effects of over-indebtedness that is relatable to young adults, can influence young adults' attitudes towards consumer credits. Att ta lån utan säkerhet för att köpa varor eller tjänster är ett beteende som särskilt bland unga vuxna riskerar att leda till överskuldsättning. Utlåning av konsumtionskrediter är nära förknippad med bristande kreditprövning så väl som höga räntekostnader, vilket medför att låntagare med små marginaler beviljas lån som de senare inte förmår att betala tillbaka. Konsumentinformation i form av lånevillkor och förköpsinformation är inte tillräckliga för att ge konsumenten en förståelse för vilka effekter konsumtionskrediter kan ha på privatekonomin långsiktigt. Syftet med denna studie är att utforska hur Konsumentverket kan använda varnande berättelser för att påverka unga vuxnas (18–29 år) attityder till konsumtionskrediter. Målet med studien är att utforma ett gestaltningsförslag till ett narrativ, som en del i en offentlig kommunikationskampanj med Konsumentverket som avsändare. För att utveckla en förståelse för varför unga vuxna tar konsumtionskrediter, liksom vilka konsekvenserna blir för dem som inte kan betala sina skulder, samlades kvantitativa så väl som kvalitativa data från statspublikationer och officiell statistik. Med utgångspunkt i fynden från datainsamlingen utformades ett narrativ till en kampanjfilm, gestaltat som ett filmmanus. Narrativets potential till attitydpåverkan utvärderades därefter med hjälp av presumtiva användare av kampanjfilmen. Resultaten från användartesterna visar att narrativet aktiverade psykologiska processer hos testdeltagarna som är associerade med attitydpåverkan. Resultaten föreslår således att en varnande berättelse som redogör för möjliga orsaker till och konsekvenser av överskuldsättning som unga vuxna kan relatera till, kan påverka unga vuxnas attityder till konsumtionskrediter.

The use of buy now pay later (BNPL) services has grown rapidly in recent years. Existing research has considered the regulatory challenges they pose, but further work is required to map their significance as a means of normalizing and naturalizing debt. In response, this article focuses on the situated landscape of marketing and branding of BNPL services through analysis of their websites and apps, a walking ethnography of a large shopping centre, and interviews with BNPL customers. We find that BNPL services nurture a "structure of feeling" that is reminiscent of digitally intimate online spaces, and claim that by generating a sense of pleasure and fun they distinguish themselves from other comparatively "serious" financial services. We ultimately contend that this aids them in presenting themselves as simply a "way to pay" rather than a form of credit, arguing that this represents a significant new step in the depoliticization of debt. Refereed/Peer-reviewed

The purpose of the article is to assess the conditions and identify the features of the market for consumer and mortgage lending to households based on the economic and statistical analysis of the data panel. The instrumental and methodological apparatus of the article compiled general scientific principles and approaches to economic analysis: Scientific abstraction, analysis and synthesis, grouping, typology, comparison, qualitative and quantitative expert assessments; logical and contextual methods of processing theoretical material, as well as the method of economic and statistical comparisons. The article analyzes the dynamics of consumer and mortgage loans for households in Ukraine from 2007 to 2023, and highlights their socio-economic significance. The main problems in the field of consumer lending are formulated, the resolution of which is necessary for the intensive agricultural activity of households. It has been established that, despite the accumulation of certain experiences in the banking sector, the mortgage lending market has not become massive today. It is concluded that the reasons for this situation are the difficulty in the practical application of legislative regulations aimed at protecting the interests of creditors; high level of interest rates; low level of real income of households and, consequently, low effective demand for mortgage loans; the impossibility of mass provision of long-term mortgage loans due to high risk (interest, credit, legislative); almost complete exclusion of the state from participation in the formation of a civilized market for housing mortgage lending. The prerequisites for the further development of consumer and mortgage lending to households in Ukraine are formulated. The prospects for development and the main directions for improving consumer and mortgage lending to households are determined.

A long period of low interest rates, economic growth and a booming housing market hasresulted in an increase in the debt level of Swedish households. New digital ways of providingfinancial services are changing the traditional banking world and are often praised for beingefficient and inclusive. Financial intermediaries, a party between a buyer and a seller that actsas a mediator to efficiently facilitate transactions, play an important role in the economy andsociety. Approximately 40-55 percent of unsecured consumer loans were taken through a loanintermediary in Sweden during 2020. As a result of the situation of the Swedish credit market,there is a need to understand how the actors in the market are connected and how they createvalue together. Loan intermediaries are an important and interesting actor to analyze furthersince such a large share of unsecured consumer loans are taken through their service, andbecause this kind of service is growing to be an increasing part of the credit ecosystem.According to business ecosystem theory, all actors are viewed within a closed system. In theideal scenario, participants would cooperate to foster stability and systematic benefits andimbalances in the ecosystem have harmful impact on all members. This master thesis aims atdeveloping an ecosystem of the Swedish credit market and to describe loan intermediaries'contribution to a more efficient consumer credit market.First, this study resulted in the development of a methodology to identify, describe, andvisualize ecosystems. A five-step process was identified and implemented to create anunderstandable image of the credit market ecosystem. The method resulted in an ecosystemmap, visualizing 26 generic actors and their interconnections. Second, to gain a deeperunderstanding of how loan intermediaries contribute to an efficient system, semi-structuredinterviews were held with representatives from loan intermediary companies and the SwedishEnforcement Authority. According to this study, loan intermediaries contribute to a moreefficient consumer credit market by providing access to credit, by making information moretransparent and readily available for consumers, and by driving innovation. En lång period av låga räntor, ekonomisk tillväxt och en blomstrande bostadsmarknad har letttill att de svenska hushållens skuldsättning har ökat. Nya digitala sätt att tillhandahållafinansiella tjänster förändrar den traditionella bankvärlden och hyllas ofta för att vara effektivaoch inkluderande. Finansiella intermediärer, en part mellan en köpare och en säljare som agerarsom medlare för att effektivt underlätta transaktioner, spelar en viktig roll i ekonomin och isamhället. Ungefär 40–55 procent av blancolån togs genom en låneförmedlare i Sverige under2020. Situationen på den svenska kreditmarknaden uppmärksammar ett behov av att förstå hurmarknadens aktörer är sammankopplade och hur de skapar värde tillsammans. Låneförmedlareär en viktig och intressant aktör att analysera vidare eftersom en så stor andel av blancolånentas genom deras tjänster, och eftersom denna typ av tjänst växer till en allt större del avkreditekosystemet. Enligt teorin om ”business ecosystems” betraktas alla aktörer i ett slutetsystem. I ett perfekt scenario skulle deltagarna samarbeta för att främja stabilitet ochsystemfördelar och obalans i ekosystemet har en skadlig inverkan på alla medlemmar. Dennamasteruppsats syftar till att utveckla ett ekosystem över den svenska kreditmarknaden ochbeskriva låneförmedlarnas bidrag till en mer effektiv konsumentkreditmarknad.För det första resulterade studien i utvecklingen av en metod för att identifiera, beskriva ochvisualisera ekosystem. En process i fem steg identifierades och genomfördes för att skapa enbegriplig bild av kreditmarknadens ekosystem. Metoden resulterade i en ekosystemkarta somvisualiserade 26 generiska aktörer och deras inbördes kopplingar. För att få en djupareförståelse för hur låneförmedlare bidrar till ett effektivt system genomfördes semistruktureradeintervjuer med representanter från låneförmedlingsföretag och Kronofogden. Enligt studienbidrar låneförmedlare till en effektivare konsument-kreditmarknad genom att ge tillgång tillkrediter, tillgängliggöra transparent information samt genom att driva innovation.

This article examines the issue of information asymmetry in consumer law and deliberates on the necessity of regulation of the status of a consumer and their protection mechanisms. It is evident that the relevant Georgian law, by and large, does not guarantee the sufficient safeguarding level and thus the approximation to the respective EU legislation cannot be deemed successful in toto. Furthermore, this article analyzes the Draft Law of Georgia on the Protection of Consumer Rights and displays the possible challenges. In addition, the special emphasis is on consumer credit contracts. In the wake of the growing importance of behavioral analysis and its impact on the law and economics, the standard of an in- formed and rational consumer, which constitutes a cornerstone of the EU consumer law, is now highly debated. By reviewing some findings in behavioral law and economics, along with the international legislation and case law, it is argued that some im- plications of behavioralism should be taken into account in the field of consumer law.

Dissertation presented as the partial requirement for obtaining a Master's degree in Law and Financial Markets O crescimento da sociedade de consumo, levou à massificação da utilização de produtos financeiros como meio de sustentar este novo estilo de vida, que teve como consequência o desenvolvimento de novos e mais complexos instrumentos de crédito. Isto espoletou na sociedade, em finais do século XX, um problema de sobreendividamento. O sobreendividamento é um problema que compromete o mercado e a economia. Assim sucede porquanto, o consumidor fica impossibilitado de cumprir com as obrigações por si assumidas e de levar uma vida condigna. Pelo que, a entidade de crédito sofre um prejuízo financeiro por não ver o seu crédito reembolsado, existindo um desequilíbrio na sua folha de balanço que afeta a sua liquidez e estabilidade. Neste sentido, os ordenamentos jurídicos procuraram desenvolver teorizações que fundamentaram os seus futuros regimes jurídicos, e que regulassem as situações de sobreendividamento. Contudo, as soluções desenvolvidas apenas tutelavam o sobreendividamento ex post, ou seja, após o facto se verificar. Desta forma, para prevenir o sobreendividamento, procurou-se atuar ex ante. Foram desenvolvidos instrumentos jurídicos cujo principal objetivo de regulação incidia sobre o momento anterior à contratação do crédito. Desenvolveram-se assim os deveres pré-contratuais, que consistem num conjunto de normas de condutas, decorrentes do princípio da boa-fé, que regulam juridicamente o comportamento das partes aquando da contratação. Neste seguimento, o tema central desta dissertação gira em torno do dever pré-contratual da entidade financeira de avaliar a solvabilidade do consumidor, introduzido na ordem jurídica nacional pelo DL. 133/2009, de 02 de Junho, que transpôs a Diretiva 48/2008/CE. Este dever é de grande importância, pois tem como objetivo a gestão do risco de incumprimento por parte do consumidor. Como sabemos, a simples consagração positiva de um dever não é suficiente para garantir o seu cumprimento. Neste sentido, o tema central da nossa dissertação incide sobre a sanção a atribuir a entidade financeira que incumpre o dever pré-contratual de avaliação da solvabilidade do consumidor. Iremos socorrer-nos da jurisprudência do TJUE, para analisar a conformidade da solução prevista pelo regime português perante o direito comunitário. Também recorreremos aos regimes jurídicos dos Estados-Membros (França e República-Checa) para que, com base nos princípios do nosso sistema jurídico, encontrarmos ou desenvolvermos a melhor solução a aplicar aos casos de incumprimento deste dever. The growth of the consumer society led to the widespread use of financial products as a means of sustaining this new lifestyle, which resulted in the development of new and more complex credit instruments. This triggered in society, at the end of the 20th century, a problem of over-indebtedness. Over-indebtedness is a problem that compromises the market and the economy. This is because the consumer is unable to fulfill the obligations he has assumed and to lead a dignified life. Therefore, the credit institution suffers a financial loss for not seeing its credit repaid, with an imbalance in its balance sheet that affects its liquidity and stability. In this sense, the legal systems sought to develop theories that based their future legal regimes, and that would regulate situations of over-indebtedness. However, the solutions developed only protected over-indebtedness ex post, that is, after the fact occurred. Thus, to prevent over-indebtedness, an attempt was made to act ex ante. Legal instruments were developed whose main regulatory objective focused on the moment before the credit was contracted. Thus, the pre-contractual duties were developed, which consist of a set of rules of conduct, subject to the principle of good faith, which legally regulate the behavior of the parties when contracting. In this follow-up, the central theme of this dissertation revolves around the pre-contractual duty of the financial entity to assess the creditworthiness of the consumer, introduced in the national legal system by the DL. 133/2009, of June 2nd, which transposed Directive 48/2008/EC. This duty is of great importance, as it aims to manage the risk of default by the consumer. As we know, the simple positive consecration of a duty is not enough to guarantee its fulfillment. In this sense, the central theme of our dissertation focuses on the sanction to be imposed on the financial entity that fails to comply with the pre-contractual duty to assess the consumer's solvency. We will use the case law of the CJEU to analyze the conformity of the solution provided for by the Portuguese regime to Community law. We will also use the legal regimes of the Member States (France and the Czech Republic) so that, based on the principles of our legal system, we find or develop the best solution to apply in cases of non-compliance with this duty.

E. Tec yearbook, ISSN 2184-707X, Today, credit data drives almost the entire consumer lending operation. Applicants should fear how some of their demographic, financial, employment or behavioural characteristics affect (may affect) determinately the possibility of obtaining loans. Credit scoring, fundamentally, stands as a tool that lies its value at the pre-contractual stage of determining the passive party. It is no longer the credit analysts or the programmers but the inputs sets' quality and, hence, the self-learning models derived, that decides whom to be granted a loan. From traditional judgemental systems to recent technological breakthroughs, AI software have shown an increasingly ability to operate successfully in classification tasks such as creditworthiness assessment. However, scoring based on AI raises an energetic tutelage on protecting personal data, especially in what esteems profiling consumers’ solvency. Are the GDPR and the EU sectorial policymaking ready to meet the challenges exhorted by Big Data and AI? How lawful is it for lenders and bureau agencies to rely on alternative data to assess a client’s creditworthiness? How or when credit analysts must intervene? What kind of information should they provide to the data subjects? Thus, it was in the light of the scope, legal grounds, and automated decision-making regime, as well as the somewhat illusory guarantees that the European legislator has enshrined - in Art. 22 of the GDPR, Arts. 13 and 14 of the Proposal for an AI Act, and in the Arts. 12 and 18 (6)(a)(b)(c) of the Proposal for a Directive on Consumer Credits, of 30 June 2021 - that we conclude the need to adopt multidisciplinary regulatory policies striving for a better (cyber) consumers’ financial info literacy., Atualmente, os dados de crédito impulsionam quase toda a operação de concessão de empréstimos aos consumidores. Algumas das características sociodemográficas, financeiras, laborais e comportamentais dos candidatos afetam (ou podem afetar) determinantemente a possibilidade de estes serem aceites. O scoring de crédito é, portanto, fundamentalmente, um instrumento fulcral na fase pré-contratual para a determinação da parte passiva. Já não são os analistas de crédito ou os programadores, mas sim a qualidade dos conjuntos nas entradas e, consequentemente, os modelos de aprendizagem daqui derivados, que decidem a quem será concedido crédito. Dos sistemas tradicionais de opinião aos mais recentes avanços tecnológicos, dir-se-á que os software de IA têm envalecido uma capacidade crescente de operar em tarefas de classificação como esta. Em todo o caso, o scoring baseado em tecnologias de IA suscita uma tutela energética quanto a questões de proteção de dados pessoais, especialmente naquilo que contende com a definição do perfil dos candidatos quanto à sua solvência. Estarão, tanto o RGPD, como as políticas setoriais da UE, preparados para superar os desafios exortados pela Big Data e IA? É lícito para as instituições de crédito e sociedades financeiras e para os bureaus de crédito fazerem uso de dados alternativos para apurarem a solvabilidade de um cliente? Como (ou antes, quando) deve o analista de crédito intervir? Que tipo de informação deve ser prestada ao titular dos dados? Foi, portanto, à luz do âmbito, dos fundamentos de licitude e do regime das decisões automatizadas, bem como das ilusórias garantias adequadas que o legislador europeu consagrou – tanto no artigo 22.º, n.º 3, do RGPD, como nos artigos 13.º e 14.º da Proposta de Regulamento IA ou nos artigos 12.º e 18.º, n.º 6, als. a), b) e c), da Proposta de Diretiva, relativa aos créditos aos consumidores, de 30 de junho de 2021 – que se conclui pela necessidade de serem adotadas políticas regulatórias multidisciplinares que visem uma melhor alfabetização ciber dos consumidores em matéria de infoliteracia financeira.

Consider how much data is created and used based on our online behaviours and choices. Converging foundational technologies now enable analytics of the vast data required for machine learning. As a result, businesses now use algorithmic technologies to inform their processes, pricing and decisions. This article examines the implications of algorithmic decision-making in consumer credit markets from economic and normative perspectives. This article fills a gap in the literature to explore a multi-disciplinary approach to framing economic and normative issues for algorithmic decision-making in the private sector. This article identifies optimal and suboptimal outcomes in the relationships between companies and consumers. The economic approach of this article demonstrates that more data allows for more information which may result in better contracting outcomes. However, it also identifies potential risks of inaccuracy, bias and discrimination, and ‘gaming’ of algorithmic systems for personal benefit. Then, this article argues that these economic costs have normative implications. Connecting economic outcomes to a normative analysis contextualises the challenges in designing and regulating ML fairly. In particular, it identifies the normative implications of the process, as much as the outcome, concerning trust, privacy and autonomy and potential bias and discrimination in ML systems. Credit scoring, as a case study, elucidates the issues relating to private companies. Legal norms tend to mirror economic theory. Therefore, this article frames the critical economic and normative issues required for further regulatory work.

Dissertação de mestrado em Direito e Informática, Em plena revolução digital, seria inconcebível que o crescendo na procura de crédito ao consumo não fosse acompanhado pela maior preponderância que mecanismos como o scoring baseado em téc nicas de Inteligência Artificial representa para uma mais e melhor avaliação da solvabilidade em sede de decisões automatizadas. Vislumbra-se o começo de um mundo novo em que a aceitação ou rejeição no pedido de empréstimo já não é tão-só conatural a decisões de puro julgamento dos analistas. E se, por um lado, a possível integração de megadados de crédito em modelos analíticos pode, até certo ponto, minorar o esforço das análises preditivas, em contramão, maiores serão os riscos de preterição do rango de tutela do bem jurídico proteção de dados, tal-qual prescrito no (ou pelo) Direito dos Livros. De facto, tópicas como esta exibem uma complexidade tal que é impossível olvidar debruçar-se sobre as mesmas tendo por base uma única lente jurígena, sem se ampliar o pendor multidisciplinar que a uma investiga ção desta índole deve subjazer. Como tal, principiara-se o presente ensaio com o discorrer da temática em contexto histórico e sociotécnico. E porque a concessão de crédito ao consumo é, no atual estado de arte scoring, não só comandada pelos modelos de exploração e aprendizagem automática, mas antes, e sobretudo, pela qualidade dos conjuntos de dados que os alimentam, ainda em contexto prolegómeno, epitomaram--se os elementos-chave que concorrerão para um scoring de crédito mais exato e, espera- -se, cada vez mais transparente. Foi, portanto, a partir destas premissas técnico-científicas que se abor dou a figura jurídica dos contratos de crédito ao consumo, com especial enfoque na contratação rápida em linha e nas diligências pré-contratuais concernentes à injuntividade da avaliação de solvabilidade. Em última instância, porquanto o objeto de estudo suscita uma energética (ou antes, idiossincrática) tutela sobre a proteção de dados pessoais, foi à luz do emaranhado axiológico-normativo do regime das deci sões individuais e exclusivamente automatizadas, incluindo a definição de perfis, bem como das quimé ricas salvaguardas adequadas (ou antes, ilusórias) consagradas e sugeridas pelo legislador europeu, tanto no Regulamento Geral sobre Proteção de Dados Pessoais, como na Proposta de Diretiva, relativa aos créditos aos consumidores, de 30 de junho de 2021, que se conclui a necessária adoção de políticas setoriais que primem por uma lhana infoliteracia financeira dos (ciber)consumidores., Amid the digital revolution, it would be inconceivable that the greater preponderance would not accompany the growth in demand for consumer credit that mechanisms such as scoring based on Artificial Intelligence represent for a more and better assessment of creditworthiness in the background of exclusive automated decisions. We are glimpsing the beginning of a new world in which the acceptance or rejection of a loan application is no longer only con-natural to the pure judgemental decisions of analysts. And if, on the one hand, the possible integration of credit big data in analytical models may, to a certain extent, lessen the effort of predictive analyses, on the other hand, the risks of undermining the protection of the legal value of data protection are more noteworthy, as commonly stated in (or by) the Law in Books. In fact, topics such as credit scoring exhibit such complexity that it is impossible to avoid dealing with it based on a single legal lens, that is, without broadening the multidisciplinary nature which should underlie an investigation of this nature. As a result, this dissertation will begin with a discussion of the subject in its historical and socio-technical framework. And because consumer credit scoring, in its current state-of-the-art, is not only governed by exploitation and machine learning models but also, and above all, by the quality of the data sets that feed them, the key elements that will contribute to more accurate and, it is hoped, increasingly transparent credit scoring have been identified. Therefore, based on these technical and scientific premises, the legal nature of consumer credit agreements was addressed, with a particular focus on online contracting and the pre-contractual stage concerning the injunctive nature of the solvency assessment. Ultimately, the object of study raises an energetic (or somewhat idiosyncratic) tutelage on the protection of personal data. Therefore, it was in the light of the axiological-normative framework of automated decision-making regime, including profiling, as well as the chimerical adequate (or rather, illusory) guarantees that the European legislator has enshrined and suggested - both in the General Data Protection Regulation and in the Proposal for a Directive on Consumer Credits, of 30 June 2021 - that the conclusion traduces the necessity to adopt policies that strive for a better financial info literacy of (cyber)consumers.

Artículo de revista This article describes the different consumer credit crowdfunding platform models that are currently operating in Spain and analyses their development and their main characteristics by drawing on granular data publicly available from two of the platforms operating in Spain. The article shows that, while the volume of financing granted by this type of platform has grown at a considerable pace in recent years, its share of the total remains very small compared with bank lending figures. The evidence presented also shows that the risk profile of the borrowers who access this financing is significantly higher than that of those borrowing from credit institutions.

El objetivo fue estimar el efecto causado por los indicadores de libertad y las variables macroeconómicas sobre el valor de las empresas del sector de consumo en el Brasil. El principal aporte fue ampliar la discusión en torno a la toma de decisiones por parte de los gerentes considerando la situación social, política y económica de un país, lo cual se retrata en los indicadores de libertad. Se utilizó el método de datos de panel y dos modelos de ecuaciones fueron estimados por Mínimos Cuadrados Generalizados - MQG. Los resultados denotan que los indicadores de libertad económica y monetaria ejercen mayor influencia sobre el valor de la empresa. Así, las decisiones en el entorno empresarial deben incorporar estas variables. O objetivo do artigo foi o de estimar o efeito que causam os indicadores de liberdade e variáveis macroeconômicas no valor das empresas do setor de consumo no Brasil. A principal contribuição foi a de ampliar a discussão em torno da tomada de decisão por parte dos gestores, considerando a conjuntura social, política e econômica de um país, a qual se reflete nos indicadores de liberdade. Utilizou-se o método de dados em painel, o que permitiu definir dois modelos de equações que foram estimados por Mínimos Quadrados Generalizados – MQG. Os resultados mostram que os indicadores de liberdade econômica e monetária exercem maior influência no valor de empresa. Assim, as decisões tomadas no ambiente de negócios devem incorporar essas variáveis.

This study examines the redress mechanisms accessible to aggrieved consumers dealing with various consumer credit providers in Malaysia. The existing legal and institutional framework characterised by the piecemeal approach has led different groups of consumers to varying levels of access, which can be superior or inferior to one another. The study employs a doctrinal legal research methodology in analysing the two alternative dispute resolution bodies, namely, the Ombudsman for Financial Services, and the Tribunal for Consumer Claims. Primary sources of law, namely, the Consumer Protection Act 1999, the Financial Services Act 2013, the Financial Services (Financial Ombudsman Scheme) Regulation 2014, the Hire-Purchase Act 1967, the Moneylenders Act 1951, and the Pawnbrokers Act 1972, are meticulously analysed along with secondary sources of law that principally comprise journal articles. The study reveals disparities in terms of access to cheap and simple redress mechanisms by various categories of consumers who are aggrieved by the actions of credit providers. The position of bank consumers and those entering into credit sale is accounted for, as there are particular ADR bodies established under relevant legislations to hear their respective disputes. On the contrary, the position of those who wish to lodge claims against moneylenders, pawnbrokers or credit companies offering hire-purchase is problematic. Several recommendations are proposed to resolve this opacity inter alia by referring to the approach adopted by South Africa. This study is significant in ensuring fair access to inexpensive and hassle-free dispute resolutions for all financial consumers, irrespective of the nature of their consumer credit transactions.

An optimal control problem modeling the economic behavior of a representative household is studied. The existence of its solution is proved, necessary optimality conditions in the form of the Pontryagin–Clarke maximum principle are obtained, and an optimal control synthesis is constructed. The model is identified against Russian statistical data. The model is used to analyze consumer crediting in Russia and its influence on the household economy under COVID-19 pandemic conditions.

This study investigates the relationship between household credit and banking stability in Malaysia using a sample of 37 commercial banks spanning the period from 2008 to 2015. In analyzing household credit’s influence on the Malaysian banking sector’s stability, household credit was categorized into two components, namely mortgage and consumer credit. The Banking Stability Index (BSI) for each bank is constructed using 15 bank-specific variables and some macro-economic variables. The determinants of the BSI are estimated using a static panel data technique. The fixed-effects regression results showed a statistically significant negative relationship between both forms of household credit (mortgage credit and consumer credit) upon the banking sector’s stability. The finding signals that understanding the link between household credit and the Bank Stability Index is crucial to the policymakers and the banks’ management in closely monitoring household credit, particularly mortgage and consumer credit.

In recent years, the financial market of Bosnia and Herzegovina has been characterized by the expansion of financial services, especially retail lending services, which are offered by various methods and channels of advertising, and in most cases do not comply with regulations governing this area. This paper analyzes the financial market of Bosnia and Herzegovina, with special reference to legal regulations that should be in the function of protecting users of financial services. The financial market is innovative, it has a significant range of financial services, which brings numerous advantages and benefits, but at the same time carries hidden risks for users who, in the long run, become dependent and unprotected from the influence of financial institutions. The aim of this paper is to point out the most common problems faced by users of financial services in Bosnia and Herzegovina and the instruments of legal protection, because there is a huge gap between the declared conditions of use of financial services and realistically achievable rights of users in practice. Today, there are legal solutions regulating relations in the financial sector, but they have been adopted with a delay, thus there is a violation of the basic rights of users of financial services, and monopolistic, we can even say legally unfounded behavior of financial institutions, based on their power and inconsistency in the implementation of legal norms in practice and by authorized state institutions.

The article considers the educational credit as a standalone product of crediting in the sphere of higher professional education. The analysis of terminological approaches to defining the essence of banking, consumer and public types of credit and are their characteristic features. The author considered the pilot project «Education» implemented by the agency for housing mortgage lending. Substantiated conclusion about the existence of a generalized approach to the content of the considered species of the credit and the need to address the educational loan as an independent type of lending available to the applicants, which enjoys the demand of the population and commercially sold. The author of the article considers the pilot project «Education», which is realized by the agency of mortgage housing crediting. The conclusion about the need for educational loan lending as a separate product that is available for applicants who are in demand of the population and tradable.

The development of the credit services market is one of the indicators of economic development of any country. Today,this market is developing rapidly around the world, and lending services are among the most important in the income generation of financial institutions. One of the main types of lending is unsecured consumer lending.The article examines the essence of this type of lending, identifies its main characteristics. For this purpose the contentof the category was analyzed, scientific approaches to the consideration of its essence were singled out, the analysis of interpretations of this definition in normative-legal acts of the domestic legislation of Ukraine was carried out.Defining the essence of the category "consumer credit" allowed to establish a complex system of types of such creditand specify the role of unsecured consumer lending in this system. As a result, the author's interpretation of this type of loanwas formulated: unsecured consumer credit - one of the types of consumer credit, a set of relations between the credit institution and individuals on lending in the national currency to purchase consumer goods or to finance consumer needs on the borrower's needs, which are specified in the written loan agreement, and subject to compliance with the principles of maturity, payment, intended use and return.The article specifies the main subjects of unsecured consumer lending, which include creditors (banks and non-bank financialinstitutions) and borrowers (individuals). The objects of this type of lending are tangible goods (electronics, householdappliances, furniture, clothing, building materials, equipment, etc.); services (treatment and rehabilitation, payment fortraining and refresher courses, tourism, construction, notary, consulting services, etc.); cash (to finance the current needs ofthe borrower, replenish its working capital). The peculiarities of unsecured consumer lending include the following: lack ofcollateral; convenience, speed and simplicity of design; small loan amounts; interest-free loans; high cost of loans., У статті досліджено сутність та основні риси незабезпеченого споживчого кредитування. Для цього було проаналізовано зміст категорії «споживчий кредит», виокремлено наукові підходи до розгляду її сутності. Також на основі аналізу окремих видів споживчих кредитів визначено місце незабезпеченого кредитування в системі таких видів, що дозволило конкретизувати особливості та відмінності цього виду кредитування від інших. Розгляд наявних концепцій розуміння природи незабезпеченого споживчого кредитування дозволило запропонувати авторський підхід до трактування цієї дефініції. Це дало можливість виокремити та обґрунтувати основні характерні риси цього виду кредитування.

In the early days of e-commerce, countries took to the phenomenon at very different speeds. Researchers proved the most important factors for this to be propensity for trust and the perceived risk of online purchases. Today, the use of short-term, interest-free consumer credit, also known as ‘buy now, pay later’ (BNPL), is becoming increasingly popular. This concept, too, has gained very different footing between countries. There is a gap in the research on why, but use of short-term consumer credit offline has been proved to be related to people’s trust and attitude to risk. This study reviews several macro-environmental factors previously proven to be related to technology diffusion, risk and trust, and attempts to prove their respective impact on online shopping and the use of BNPL. Data on online shopping is collected from the Global Findex Database and includes 52 countries, while data on BNPL is collected from Swedish FinTech company Klarna and includes six countries. Out of ten macro-environmental factors examined, five showed a significant positive correlation to online shopping: individualism, long-term orientation, competitiveness, ease of doing business and political stability. Two cultural factors, individualism and uncertainty avoidance, showed a promising linear relationship with BNPL use, in the opposite sign of their respective hypothesis, although only significantly for individualism. Both these cultural dimensions are documented to affect risk behaviour. These results indicate that whatever perceived risk counteracts the diffusion of online shopping, drives the use of BNPL products. We reason that BNPL cancels some of the aspects of an online purchase proven to be perceived as risky, such as card information theft. Thus, high individualism and low uncertainty avoidance means people are less bothered by the risk of online shopping, and therefore less incentivised to mitigate them using BNPL. The main limitation of this study is the sample size of the market data on the use of BNPL, as well as the included countries being too similar in many aspects. The findings are useful for FinTech’s and e-commerce companies exploring new markets for expansion, and for policymakers attempting to regulate this emerging financial industry. När e-handeln etablerade sig tog länder till sig detta teknikfenomen i olika takt. Forskare har visat att de mest betydande faktorerna som påverkar detta är ett lands inställning till tillit samt hur riskfyllt onlinehandel anses vara. Idag blir kortsiktig, räntefri konsumentkredit, även känt som ‘buy now, pay later’ (BNPL), alltmer populärt. Även detta koncept har fått olika fäste i olika länder. Det saknas forskning på varför, men offline har användningen av kortsiktig konsumentkredit visats vara relaterad till människors tillit och attityd gentemot risk. Denna studie granskar ett antal makrofaktorer som tidigare påvisats vara relaterade till spridningen av teknik, samt risk och tillit, och försöker bevisa deras respektive påverkan på e-handel och användningen av BNPL. Data på e-handel hämtas från Global Findex Database och inkluderar 52 länder, medan data på användningen av BNPL hämtas från det svenska FinTech-bolaget Klarna, och inkluderar sex länder. Utav de tio makrofaktorer som undersöktes visade fem en signifikant positiv korrelation till e-handel: individualism, långsiktighet, konkurrenskraft, affärsreglering och politisk stabilitet. Två kulturella faktorer, individualism och osäkerhetsundvikande, visade lovande linjära förhållanden med användning av BNPL, i motsatt riktning jämfört med deras respektive hypoteser, dock enbart signifikant för individualism. Båda dessa kulturella dimensioner har tidigare visats påverkarisk beteende. Dessa resultat indikerar att den uppfattade risk som motverkar spridningen av e-hande ldriver användningen av BNPL. Vi resonerar att BNPL motverkar vissa av de aspekter hos e-handel som visat sig uppfattas som riskabla, som kortbedrägeri. Alltså innebär hög individualism och lågt osäkerhetsundvikande att konsumenter är mindre besvärade av riskerna med e-handel, och därför mindre motiverade att mildra dessa risker genom att använda BNPL. Studiens huvudsakliga begränsningar är antalet marknader i data på användning av BNPL, samt att de inkluderade länderna är för lika i många aspekter. Studiens resultat är användbara för FinTechs och e-handelsbolag som letar efter nya marknader att expandera till, och för beslutsfattare som vill reglera denna växande finansiella bransch.

Потребительский кредит на сегодняшний день является одним из самых популярных видов кредита в РФ. В данной статье проведен анализ потребительского кредитования на примере коммерческого банка ПАО «Сбербанк». Проведен анализ по структуре кредита, по структуре просроченной задолженности и по срокам погашения кредитов в период пандемии COVID-19., Consumer credit is currently one of the most popular types of credit in the Russian Federation. This article analyzes consumer lending on the example of a commercial bank of Sberbank PJSC. The analysis of the loan structure, the structure of overdue debt and the maturity of loans during the COVID-19 pandemic was carried out.

Large-scale irresponsible consumer credit lending across the EU, along with the growing digitalisation of the market place, in the last decade or more has exposed serious limitations of the 2008 Consumer Credit Directive in ensuring adequate consumer protection in the unsecured credit markets. To remedy the shortcomings of the current regulatory regime, the European Commission’s Proposal for a New Consumer Credit Directive seeks to introduce a number of important changes. This article discusses the proposed changes and critically assesses their potential to ensure responsible lending in the digital age. It concludes that the adoption of the revised directive would represent a major step forward in combatting irresponsible lending practices and protecting European consumers against overindebtedness in the digital market place. At the same time, however, the effectiveness of the new consumer credit directive will depend to a considerable extent on its implementation and application in the Member States.

Machálková, T. Consumer credits in the conditions of the Czech Republic. Bachelor thesis. Brno: Mendel University, 2022. The bachelor thesis deals with consumer loans. The first part of the bachelor thesis is an analysis and comparison of legislation related to consumer credit and identify significant changes for consumers. The application part describes the development of household debt and the development of interest rates on consumer loans for housing and consumer loans other than housing. At the end of the work is a compar- ison of the development of credit Stages of three banks, which are divided according to IFRS - 9.

The subject of this bachelor thesis is comparison of consumer credit offers on the Czech market. With help of the consumer credit, households have the opportunity to quickly come to the money for their purposes, for which they currently do not have enough funds. The theoretical part of this thesis defines the basic concepts related to consumer credits, including their acquiring. The practical part is defined by a questionnaire and 3 hypothetical situations with a final comparison of offers for these specific purposes.

Постоянное изменение Уголовного кодекса нашей страны стало отличительной чертой современного законодателя. Масштабному реформированию подвергается и гл. 22 Уголовного кодекса Российской Федерации, предусматривающая ответственность за преступления в сфере экономической деятельности. Федеральным законом № 215-ФЗ от 11 июня 2021 г. установлена уголовная ответственность за незаконное осуществление деятельности по предоставлению потребительских кредитов (займов). Детальное изучение новеллы, закрепленной в ст. 171.5 УК РФ, а также то обстоятельство, что законопроект, устанавливающий ответственность в рамках данной статьи, не мог быть принят парламентариями в течениечетырех лет, позволили прийти к выводу о не совсем удачной конструкции диспозиции рассматриваемой нормы. В данной статье предпринята попытка анализа составообразующих признаков нового состава преступления, сформулированы предложения по совершенствованию нормы об ответственности за незаконное осуществление деятельности по предоставлению потребительских кредитов (займов)., The constant change in the criminal code of our country has become a distinctive feature of the modern activity of the legislator. Chapter 22 of the Criminal Code of the Russian Federation, which provides for liability for crimes in the field of economic activity, is also undergoing large-scale reform. Federal Law No. 215-FZ on 11 June 2021 criminalized illegal activities to provide consumer loans (loans). A detailed study of the novella enshrined in Art. 171.5 of the Criminal Code of the Russian Federation, as well as the fact that the draft law establishing liability under this article could not be adopted by parliamentarians for four years, made it possible to come to the conclusion that the disposition of the norm in question was not entirely successful. This article attempts to analyze the constituent features of a crime that is new to the domestic criminal legislation, taking into account which proposals are formulated to improve the article on liability for illegal activities to provide consumer loans (loans)., Вестник Волгоградской академии МВД России, Выпуск 1 (60) 2022, Pages 40-45

We use an agent-based stock-flow consistent model of a closed economy without technological change that considers different classes of households, status consumption and a Minskyan banking sector to analyze the relationship between rising saving rates, the accumulation and distribution of private financial wealth and the evolution of public debt. Conducting a series of experiments, we find evidence for Keynes' famous claim that a rise in the propensity to save will not necessarily be matched by a rise in the propensity to invest, culminating in either chronic government deficits or consistently high unemployment rates if the government refuses to accept those deficits. The result emerges endogenously from the interaction of fully decentralized agents. The model indicates that promoting consumer credit can at best provide a very short-lived relief to this problem.

In this study we propose to enhance the predictive power of a Buy Now, Pay Later (BNPL) consumer credit scorecard by leveraging detailed product information. The object of analys is in this study is Klarna Bank AB, which is the largest retail finance provider in Sweden. This research conducts a quantitative study in order to firstly, investigate if it is possible to find subcategories that correlate more with credit risk than the existing product categories at Klarna. This will be investigated by categorizing already accepted orders into more granulated product categories than Klarna's existing level. Secondly, this study investigates how more detailed product categorization can improve a BNPL e-commerce consumer credit scorecard. Lastly, a qualitative analysis of what the business impact an implementation of this feature could entail for Klarna Bank AB is conducted. Our results demonstrate that it is possible to find subcategories that correlate more strongly with credit risk than the existing categories. The characteristics of the high-and low risk product categories align with existing research on online consumer behavior. More specifically, we found that luxury products, ego-related products, and products related to addictive behavior had the highest risk. We also contribute to existing research within the credit risk management field by finding that trending/new products on the market have a higher risk, and that the novelty of a product should be taken into consideration in credit risk prediction. By applying a hypothetical credit scoring model on a dataset of already accepted orders that took the new detailed product categories into consideration, the discrimination performance could be improved. However, risks regarding adding more data into a credit risk model need to be considered before implementing the proposed solution. Our study, therefore, demonstrates the potential of including more granulated product category information in a BNPL e-commerce consumer credit scorecard to improve risk prediction. While the results of this study are limited to the studied context, it is considered generalizable in that the proposed method could effectively be adapted to retrieve corresponding findings in other contexts. Denna studie föreslår att förbättra prediktionsförmågan hos en konsumentkreditriskmodell inom Buy Now, Pay Later (BNPL) genom att utnyttja detaljerad produktinformation. Analysobjektet i studien är Klarna Bank AB, som är den största BNPL-aktören i Sverige. I detta arbete genomförs en kvantitativ studie för att först och främst undersöka om det är möjligt att hitta produktkategorier som korrelerar mer med kreditrisk än vad de nuvarande produktkategorierna på Klarna gör. Detta ska undersökas genom att kategorisera redan accepterade ordrar i mer granulerade produktkategorier än Klarnas befintliga nivå. Därefter ska det undersökas hur mer detaljerad produktkategorisering kan förbättra en kreditriskmodell för BNPL-företag. Till sist genomförs en kvalitativ analys över vilken affärspåverkan en implementering av denna lösning skulle kunna innebära för Klarna Bank AB. Våra resultat visar att det är möjligt att hitta underkategorier som korrelerar starkare med kreditrisk än de befintliga kategorierna hos Klarna. Egenskaperna hos de produktkategorier med hög och låg risk överensstämmer med befintlig forskning inom konsumentbeteenden online och psykologi. Mer specifikt fann vi att lyxprodukter, ego-relaterade produkter, och produkter relaterade till beroendebeteenden hade den högsta risken. Vi bidrar också till befintlig forskning inom forskningsfältet för kreditrisk genom att finna att trendiga/nya produkter på marknaden har högre risk och att det borde beaktas vid kreditriskbedömning. Genom att tillämpa en hypotetisk kreditvärderingsmodell på en dataset av redan accepterade ordrar, som tog hänsyn till de nya detaljerade produktkategorierna, kunde prediktionsförmågan förbättras. Risker med att lägga till mer data i en kreditriskmodell måste dock övervägas innan den föreslagna lösningen implementeras. Vår studie visar på potentialen i att inkludera mer detaljerad produktkategoriinformation i ett consumer credit scorecard för BNPL-företag för att på så sätt förbättra riskprediktionsförmågan. Även om resultaten av denna studie är begränsade till den studerade kontexten, anses det vara generaliserbart genom att den föreslagna metoden effektivt skulle kunna anpassas för att hitta motsvarande resultat i andra kontexter.

Sociālais darbs Sociālā labklājība Social work Social Welfare Bakalaura darbs “Patēriņa kredīts kā finanšu resurss ģimenes vajadzību nodrošināšanā Covid-19 apstākļos” pēta un iezīmē tendences ģimenes vajadzību nodrošināšanā, kā arī resursus un iespējas kādas ģimenes izvēlās izmantot, lai sasniegtu vēlamos mērķus. Bakalaura darbā “Patēriņa kredīts kā finanšu resurss ģimenes vajadzību nodrošināšanā Covid-19 apstākļos” tika izvirzīts mērķis izanalizēt patēriņa kredītu kā resursu ģimenes vajadzību nodrošināšanā. Teorētiskajā daļā apkopojot informāciju par Latvijā esošo ģimeņu iedalījumu, ģimeņu ienākumiem un izdevumiem, resursiem un to pieejamību, finanšu resursiem, finansiālo pratību un risku izpratni. Pētnieciskajā daļā tika veikta aptauja interneta vidē mērķa grupai ģimenes ar bērniem un trīs padziļinātās intervijas ar ģimenēm, kurām ir dažādas pieredzes kredītsaistībās. Tika noskaidrotas patēriņa kredīta kā resursa ģimenēs ar bērniem izmantošana, atdošanas grūtības un riski, kas rodas uzņemoties kredītsaistības, prasmes un zināšanas, kādas nepieciešamas veicot kredītsaistību izpildi. The bachelor's thesis "Consumer credit as a financial resource for meeting the needs of the family in Covid-19" explores and outlines trends in meeting the needs of the family, as well as the resources and opportunities that families choose to use to achieve the desired goals. The aim of the bachelor's thesis “Consumer credit as a financial resource for meeting the needs of the family in the conditions of Covid-19” was set to analyze consumer credit as a resource for meeting the needs of the family. The theoretical part summarizes information on the division of families in Latvia, family income and expenses, resources and their availability, financial resources, understanding of financial literacy and risks. In the research part, a survey was conducted on the Internet for the target group of families with children and three in-depth interviews with families with different experiences in credit. The use of consumer credit as a resource in families with children, the difficulties of returning and the risks involved in assuming credit obligations, skills and knowledge required to fulfill credit obligations were identified.

Since the adoption of part one of the Civil Code of the Russian Federation (hereinafter - the Civil Code of the Russian Federation), the concept of «justice» has ceased to be just a fiction (illusion) and has found its legal reflection, the reason for which, without a doubt, was the recognition of the key ideas of private law, the revival of which became relevant with the transition to market relations. At the same time, the unresolved issue of the status of the category, the lack of unity of the legislator’s approaches to determining the scope of «justice» prevent representatives of the legal community from understanding this phenomenon and its implementation in law enforcement practice.

The importance of improving the process of forming the structure and management of the bank 's consumer loan portfolio, minimizing credit risks and assessing the solvency of borrowers is substantiated. The expediency of forming an appropriate organizational structure, increasing the completeness of information support, scientific validity of analytical support of the lending process and risk management is argued. It is proposed to assess the borrower's solvency based on effective and resource approaches, which allows to analyze the actual financial burden, identify the level of solvency through an optimization model that reduces credit risk, improve loan portfolio quality and profitability of bank operations., Обгрунтовано важливість удосконалення процесу формування структури та управління портфелем споживчих кредитів банку, мінімізації кредитних ризиків і оцінювання платоспроможності позичальників. Аргументовано доцільність формування відповідної організаційної структури, підвищення повноти інформаційного забезпечення, наукової обґрунтованості аналітичної підтримки процесу кредитування та управління ризиками. Запропоновано оцінювання платоспроможності позичальника на основі результативного та ресурсного підходів, що дозволяє проаналізувати фактичне фінансове навантаження, виявити рівень платоспроможності завдяки оптимізаційної моделі, що сприяє зменшенню кредитних ризиків, підвищенню якості кредитного портфелю і дохідності кредитних операцій банку.

The vulnerability of prospective credit consumers to over-committing their resources and the inherent dangers posed by credit advertising in particular necessitate the proper regulation of credit marketing. It is therefore not unsurprising that responsible marketing forms part of the responsible lending (and borrowing) measures of various jurisdictions – including South Africa and the Member States of the European Union – with the aim of preventing the extension of credit to consumers who cannot afford it. In this article the credit marketing laws that the South African, European (mainly in the Consumer Credit and Mortgage Credit Directives) and Belgian legislators have enacted are considered and compared, with a focus on the information to be included in advertising, prohibited advertising and prohibited marketing techniques. The ultimate aim is to determine whether South African law contains sufficient guarantees to protect consumers with respect to credit marketing and its consequences.

person may acquire rights or be released from obligations through the passage of time. This is known as prescription. The objective of prescription is to achieve legal certainty and finality in the relationship between a debtor and a creditor, with the focus on protecting a debtor (consumer) against the unfairness of having to defend old claims. Old claims are therefore after the elapsing of specific time periods extinguished through prescription. A debtor must then specifically raise prescription as a defence against claims from creditors based on prescribed debts. The prescription of consumer debts is regulated by the National Credit Act 34 of 2005 (when the credit agreement falls under the NCA) and the Prescription Act 68 of 1969. The Prescription Act generally regulates all aspects of the prescription, which would also include consumer debts, while section 126B of the National Credit Act regulates and prohibits certain practices related to prescription, such as the selling of prescribed consumer debts or the continued collection or re-activation of prescribed consumer debts. In this article several practical aspects related to prescription and the National Credit Act are discussed, such as the impact of non-compliance with section 96 and section 129(1)(a) of the NCA on prescription. Section 126B is specifically analysed, and the question whether section 126B absolutely prohibits certain abusive practices related to the prescription of consumer debts is answered. Several shortcomings of the current legislation are also pointed out. In this article some aspects of the draft Prescription Bill proposed by the South African Law Reform Commission are also considered. In particular, we focus on the impact the Bill may have on the consumer-credit industry.

This article investigates the distribution of widely used consumer loans in Denmark in light of the ‘risk position’ that this places Danish households in. Denmark has the highest debt to income ratio among all OECD countries (OECD 2019). The high level of consumer debt has received limited political attention in Denmark and the social and legal protection of citizens with debt problems is weak (Jørgensen 2012, 2015). This article presents findings from an empirical study investigating the distribution of common consumer loans in Denmark. Drawing on the notion of ‘risk position’ the article challenges the idea that only socially marginal groups are in risk of getting into debt problems. In the empirical study we analyze the sociodemographic distribution of two common loan types in Denmark, bank loans and credit card debt among loan takers by using administrative register data of a full population of individuals. Register-based data provides the most reliable measures of debt compared to self-reported surveys, because of non-response problems in surveys (cv. Oksanen et al. 2015). The results show high debt levels among hitherto known vulnerable social groups but also highlights groups of middle- and higher-income wage earners as having very high levels of debt. We conclude by framing the results in light of existing policy measures in Denmark and suggest a better balance between deregulation of credit markets and individualization of debt problems on the one hand and the need for political protection of individual loan takers on the other. This article investigates the distribution of widely used consumer loans in Denmark in light of the ‘risk position’ that this places Danish households in. Denmark has the highest debt to income ratio among all OECD countries (OECD 2019). The high level of consumer debt has received limited political attention in Denmark and the social and legal protection of citizens with debt problems is weak (Jørgensen 2012, 2015). This article presents findings from an empirical study investigating the distribution of common consumer loans in Denmark. Drawing on the notion of ‘risk position’ the article challenges the idea that only socially marginal groups are in risk of getting into debt problems. In the empirical study we analyze the sociodemographic distribution of two common loan types in Denmark, bank loans and credit card debt among loan takers by using administrative register data of a full population of individuals. Register-based data provides the most reliable measures of debt compared to self-reported surveys, because of non-response problems in surveys (cv. Oksanen et al. 2015). The results show high debt levels among hitherto known vulnerable social groups but also highlights groups of middle- and higher-income wage earners as having very high levels of debt. We conclude by framing the results in light of existing policy measures in Denmark and suggest a better balance between deregulation of credit markets and individualization of debt problems on the one hand and the need for political protection of individual loan takers on the other.

Purpose The purpose of this paper is to highlight opportunities for the banking sector arising from the population’s aging and the expected reduction in pension incomes. Home equity conversion (HEC) instruments are a potentially useful way of restoring households’ finances and satisfying their needs, with implications for the demand for financial services. Design/methodology/approach By using an ordered probit regression model, the paper analyzes data obtained from a survey of 2,000 Italian households. Findings The main finding of this paper is that individuals with greater familiarity with consumer credit, a cognitive and decision-making approach favorable to use of credit, and an internal locus of control show greater interest in various forms of equity conversion. Originality/value This paper extends the analysis of the determinants of individuals’ interest in HEC products. It focuses more closely than the existing literature on households’ credit behaviors, attitudes toward credit and locus of control. The paper helps identify the potential targets of marketing campaigns and commercial proposals, and highlights the levers that the banks can focus on in communicating with customers and future prospects. Moreover, this paper suggests that there is a need to develop greater awareness on the part of people who could be interested in these products. Therefore, appropriate financial education projects should be implemented to develop a better “credit” culture, with due appreciation of the usefulness of credit as a means of supporting household budgets.

消費者がクレジットカードローンによる借入を増大させた要因は、端的に言えばアメリカ人のサービス支出の増加であり、このサービス支出の決済にはクレジットカードが使われることが多いのである。クレジットカードローンは、消費者信用の一分野であり、旅行や娯楽といったサービスの購入を端緒として発展してきた。現代の消費支出は、生活水準の向上、サービス経済化や安価な財の輸入により住宅、医療、教育、レジャー等、サービスへの支出が増加している。消費支出の割合は物財よりもサービスが多くなる傾向にあり、消費のサービス化が進んでいる。所得階層別の支出の変化を観ることで、中・低所得層にとって負担となっている支出項目が明らかとなり、それを、中・低所得層のクレジットカードローンの利用する支出目的と照合することで、サービス支出の増加がクレジットカードローンを増加させた原因であることが明らかとなる。一方で、銀行は法的規制がなかったため、消費支出のカービス化に先行して1958年から1970年の間に1億枚ものクレジットカードを返済能力の審査もなく配布していた。消費支出が増加した項目は、クレジットカードによる決済が多いことを分析する。所得階層別の消費支出の変化とクレジットカードローンの設定理由から中・低所得層が消費者信用に依存する支出項目が明らかとなる。このように、消費のサービス化による家計のサービス支出の増大が、クレジットカードの第1の需要要因である。さらに、新自由主義の影響もあり金融行政は、信用の需要者である消費者保護から信用の生産者側である金融機関のビジネス支援へと変容した。金融機関は顧客を獲得するために借り入れを容易にしたことが、クレジットカードローンを普及させる第2の要因である。, The reason why consumers increased borrowing by credit card loans is, in short, an increase in service expenditure of Americans, and credit cards are often used for settlement of this service expenditure Credit card loans are a category of consumer credit. Expenditure on services such as housing, medical care, education, leisure, etc. is increasing due to improvement of standard of living and service economy in modern consumption expenditure. By looking at changes in expenditure by income group, expenditure items burdened by low and middle-income groups are clarified, and by comparing it with the expenditure object to be used by credit card loans of low and middle income class, It is clear that the increase in service spending is the cause of increasing credit card loans. Meanwhile, since the bank had no legal restrictions, prior to carving the consumption expenditure, between 100 years ago 1958 and 1970, 100 million credit cards were distributed without review of repayment ability. For items with increased consumption expenditure, analyze that there are many settlements by credit card. From the reasons for the change in consumption expenditure by income group and the reason for setting up credit card loans, expenditure items depend on consumer credit for medium- and low-income groups become clear. Thus, an increase in households' service expenditure due to consumption of services is the first demand factor for credit cards. In addition, due to the influence of neoliberalism, financial administration has transformed from consumer protection, a consumer of credit, to business support of financial institutions that are credit producers. The fact that financial institutions have made borrowing easier to acquire customers is the second factor to disseminate credit card loans.

The traditional concept of consumer law relies on the so-called information paradigm. It postulates the ability of consumers to make rational choices if they are provided with all the necessary information as well as the required level of transparency of the transaction they are to enter into. The information paradigm gains special significance in consumer credit contracts. The reasons are manifold. Firstly, credit contracts are usually concluded for longer periods of time, quite often as long as a decade or two, in the cases of mortgage credit contracts. Secondly, they regularly involve higher financial commitment of the consumer than sale contracts the object of which is usually of lesser value in comparison to the value of credit contracts. Finally, the average consumer does not usually possesses the expertise and experience required to make rational decisions concerning the terms of a credit contract. Therefore the gap between the expertise and experience of the consumer and that of the creditor is a common occurrence. Due to the mentioned features of consumer credit contracts, the precontractual duties of the creditor are more extensive than that of the seller's in a consumer sale contract. One of them is the creditor's duty to grant credit to the consumer according to the concept of responsible lending. It requires the creditor to assess thoroughly and impartially the creditworthiness of the consumer before the conclusion of the contract, in order to prevent their over-indebtedness by avoiding credit contracts that are unreasonable from the perspective of the consumer. At the level of the European Union, consumer credit was first regulated by the Directive 87/102/EEC. However, responsible lending as a special precontractual duty of the creditor has not appeared in this Directive yet. During the preliminary works on the new Directive 2008/48/EC on consumer credits one of the most debated issues was whether it should envisage explicitly responsible lending as one of the precontractual duties of the creditor. The first proposal of the new Directive contained a quite strict rule, presuming that the creditor assessed by all means available whether it could be reasonably expected that the consumer will be able to repay the credit, on the one hand, and that the creditor advised the consumer accordingly before the contract is concluded, on the other. Much of this rule was omitted from the final text of the Directive, though it still prescribes the duty of the creditor to assess the creditworthiness of the consumer. The financial crisis, which erupted in 2007, demonstrated how vulnerable the financial situation of the consumers may become and how fragile the system of collaterals supporting credit contracts may prove in time. The experience gained from the crisis was taken into account during the drafting of the new Directive 2014/17/EU, known in short as the Mortgage Credit Directive, which attaches a much greater importance to the concept of responsible lending.

Warunki podjęcia właściwej decyzji kredytowej przez konsumenta kształtuje nie tylko cena, ale także obsługa w banku. Rzetelnie i prawidłowo przeprowadzona obsługa klienta w procesie kredytowym jest w interesie kredytodawcy i kredytobiorcy. Może ona zabezpieczyć obie strony umowy kredytu przed negatywnymi konsekwencjami. Konsumenta przed nadmiernym zadłuże-niem i kłopotami finansowymi, a bank przed brakiem spłaty zobowiązania. Jakość obsługi ma szczególne znaczenie dla słabszej strony umowy – klienta detalicznego. Celem artykułu jest ocena praktyki banków w zakresie obsługi klienta detalicznego na etapie przedkontraktowym w procesie kredytowym. W artykule dokonano analizy jakości i rzetelności obsługi klienta detalicznego i realizacji obowiązków przedkontraktowych w głównych bankach w 2017 r. Wnioski z przeprowadzonych badań wskazują na występowanie licznych nieprawidłowości w trakcie obsługi klientów leżących po stronie banków. Konkluzje zawarte w artykule potwierdzają, że banki w procesie kredytowym nie biorą pod uwagę w wystarczającym stopniu interesów konsumentów i nie wywiązują się z wszystkich obowiązków przedkontraktowych. The conditions to take the right credit decision forms not only price, but also support of the bank. Fairly and properly carried out customer credit process is in the interest of the lender and borrower. It can protect both parties of the loan agreement before negative consequences. Consumer against over-indebtedness and financial troubles, and the bank against troubles of loan repayment. Quality of service is particularly import for the weaker party of the contract – the retail client. The aim of the article is to evaluate the banks practice in terms of retail customer service at the pre-contract stage in the credit process. The article analyses the quality and reliability of the retail customer service and implementation obligations at the major banks in 2017. The conclusions of the studies indicate numerous irregularities in the course of handling clients attributable to banks. The conclusions contained in the article confirm that banks in the credit process do not take in account consumer interests to a sufficient degree and not fulfill of all pre-contract obligations.

Datos en breve analiza temas relevantes de la agenda pública para promover discusiones informadas en temas que nos competen a todos. Promovemos decisiones públicas basadas en evidencia y una sociedad civil informada y participativa. CONTENIDO: Introducción -- Cali: vulnerable y excluyente -- Ahorro y consumo: ¿Qué prefieren los caleños? -- Pocos ahorros, muchas deudas.

El presente estudio se va a centrar en el an��lisis de los cr��ditos y tarjetas revolving, dando un tratamiento preferente en la protecci��n del consumidor que contrata estos productos crediticios a la importancia que tiene el cumplimiento del deber de informaci��n precontractual y contractual del prestamista y, por ende, del doble control de transparencia a lo que ha contribuido la reciente aprobaci��n de la Orden ETD/699/2020, de 24 de julio; sin dejar de mencionar la posici��n adoptada por el Pleno de la Sala de lo Civil en sentencia de 25 de noviembre de 2015 y de 4 de marzo de 2020 que optan por la aplicaci��n de la Ley de Represi��n de la Usura y por considerar usurario el tipo de inter��s remuneratorio pactado., This study is going to focus on the analysis of ���revolving��� credits and cards, paying preferential attention on the importance of compliance with the lender���s duty of pre-contractual and contractual information for the protection of the consumer who contracts these credit products and, therefore, on the double control of transparency to which the recent approval of Order ETD/699/2020, of July 24, has contributed; without neglecting to mention the position adopted by the Plenary of the Civil Chamber in judgments of 25 November 2015 and 4 March 2020, which opt for the application of the Law for the Repression of Usury because the agreed remunerative interest rate is considered usurious., N��mero de p��ginas: 59, Revista General de Legislaci��n y Jurisprudencia. Volumen y n��mero 02/2021, p��ginas 393-451, IV. LA APLICACI��N DE LA LEY DE REPRESI��N DE LA USURA A LOS CR��DITO S REVOLVING: DOCTRINA DE LAS SENTENCIAS DEL TRIBUNAL, PLENO DE LA SALA DE LO CIVIL, DE 25 DE NOVIEMBRE DE 2015 Y DE 4 DE MARZO DE 2020: 4.1. An��lisis de la doctrina fijada en la sentencia del Pleno de la Sala de lo Civil del Tribunal Supremo de 25 de noviembre de 2015. 4.2. La aplicaci��n de la doctrina jurisprudencial establecida en la sentencia del Tribunal Supremo, Pleno de la Sala de lo Civil, de 25 de noviembre de 2015 en el seno de nuestra jurisprudencia menor. 4.3. An��lisis de la doctrina fijada en la sentencia del Tribunal Supremo, Pleno de la Sala de lo Civil, de 4 de marzo de 2020. 4.4. La aplicaci��n de la doctrina jurisprudencial establecida en la sentencia del Tribunal Supremo, Pleno de la Sala de lo Civil, de 4 de marzo de 2020 en el seno de nuestra jurisprudencia menor. 4.5. Conclusiones. V. LA CUESTI��N PREJUDICIAL PLANTEADA POR EL AUTO DE LA AUDIENCIA PROVINCIAL DE LAS PALMAS DE GRAN CANARIA, SECCI��N 4��, DE 14 DE SEPTIEMBRE DE 2020. VI. LA IMPOSICI��N DE COSTAS PROCESALES EN LAS DEMANDAS POR USURA DE LOS CONTRATO S DE TARJETAS Y CR��DITO S REVOLVING. VII. BIBLIOGRAF��A. VIII. ADDENDA.

How do macroeconomic expectations affect consumer decisions? This paper reports results from a natural field experiment with 2,872 credit card customers from a large commercial bank to answer this question. Participants of the experiment first completed a survey that measured consumer expectations about future inflation and the nominal exchange rate. This survey was combined with an information-provision experiment that generated exogenous variation in respondents’ macroeconomic expectations. The survey and experimental data were then merged with detailed administrative data on participants’ credit card transactions and balances. The experiment was designed to test three standard predictions from models of intertemporal consumption choice: inflation expectations should affect spending on durables; exchange rate expectations should affect spending on tradables; and, holding constant the nominal interest rate, inflation expectations should affect borrowing. The analysis finds that the information provided to participants strongly affects subjective expectations. However, no significant effects are found on actual consumer behavior (as measured in administrative data) or self-reported consumption plans (as measured in survey data). The preferred interpretation is that consumers are not sophisticated enough to factor inflation and exchange rate expectations into their consumption decisions. The absence of a link between consumer expectations and behavior has potentially important implications for macroeconomic policies such as forward guidance.

Defence Date: 21 December 2021 Examining Board: Prof. David Levine (EUI); Prof. Jesus Bueren, (EUI); Prof. Aldo Rustichini, (University of Minnesota); Prof. Galo Nuño (Banco de España) This thesis consists of three essays in quantitative macroeconomics. In Chapter 1, joint with Leonardo Melosi and Matthias Rottner, we leverage recent developments in machine learning to develop methods to solve and estimate large and complex nonlinear macroeconomic models, e.g. HANK models. Our method relies on neural networks because of their appealing feature that even models with hundreds of state variables can be solved. While likelihood estimation requires the repeated solving of the model, something that is infeasible for highly complex models, we overcome this problem by exploiting the scalability of neural networks. Including the parameters of the model as quasi state variables in the neural network, we solve this extended neural network and apply it directly in the estimation. To show the potential of our approach, we estimate a quantitative HANK model that features nonlinearities on an individual (borrowing limit) and aggregate level (zero lower bound) using simulated data. The model also shows that there is an important economic interaction between the impact of the zero lower bound and the degree of household heterogeneity. Chapter 2 studies the impact of macroprudential limits on mortgage lending in a heterogeneous agent life-cycle model with incomplete markets, long-term mortgage, and default. The model is calibrated to German economy using Household Finance and Consumption Survey data. I consider the effects of four policy instruments: loan-to-value limit, debt-toincome limit, payment-to-income limit, and maximum maturity. I find that their effect on homeownership rate is fairly modest. Only the loan-to-value limit significantly reduces the homeownership rate among young households. At the same time, it has the largest positive welfare effect. Chapter 3 explores applications of the backpropagation algorithm on heterogeneous agent models. In addition, I clarify the connection between deep learning and dynamic structural models by showing how a standard value function iteration algorithm can be viewed as a recurrent convolutional neural network. As a result, many advances in the field of machine learning can carry over to economics. This in turn makes the solution and estimation of more complex models feasible. 1. Solving and Estimating Macroeconomic Models of the Future 2. Limits on Mortgage Lending 3. Backpropagating Through Heterogeneous Agent Models

This paper analyzes the structural change implications of consumer credit expansions in a dual-sector open economy growth model. Policy-induced increases in banks' willingness and ability to lend result in new consumer lending, boosting consumption demand and average wages in the nontradable sector. Under the assumptions of fixed relative wages and mark-up pricing, wage pressures translate into in ationary pressures. The central bank, acting under the sole target of controlling in ation, raises the interest rate to contain in ationary pressures. This intervention causes a real exchange rate appreciation, followed by a loss of international competitiveness in the tradable sector. This way, the model illustrates that consumer credit expansions can trigger premature deindustrialization, shifting sectoral structure in favor of the nontradable sector. The formal model is inspired by the Turkish economy that experienced a notable expansion of consumer credit between 2002-2013.

Financial contracts are complicated and consumers often do not grasp them in their entirety. This may lead to financial mistakes. We develop a quantitative theory of unsecured credit and equilibrium default in a market with sophisticated and näive borrowers who sometimes misunderstand their contracts and make financial mistakes. Näives are more prone to mistakes without internalizing this fact. When signing debt contracts, we allow agents to trade off interest rates for penalty fees. These fees make financial mistakes costly. Näives choose inefficiently high penalty fees and cross-subsidize interest rates for sophisticates. We use this framework to analyze two unexplored features of the CARD act: clearer language requirements and a limit on penalty fees in financial contracts. Clearer contract terms lead to fewer financial mistakes by everyone, while limiting fees constrains mostly näive borrowers. Both policies reduce financial mistakes and increase the welfare of näive borrowers. The effects on sophisticates differ: clearer language and fewer mistakes benefit sophisticates too. However, limiting fees reduces the cross-subsidization sophisticates receive in equilibrium and consequently makes them worse off.

В статье изложены основные проблемы правового регулирования потребительского кредита. Авторами рассмотрены механизмы включения дополнительных услуг в кредитный договор, а также порядок установления сложных процентов. Особое внимание уделяется изучению проблемы включения условий об обязательном страховании имущества или жизни заемщика. Авторами предложены механизмы совершенствования действующего кредитного законодательства и повышения уровня защищенности интересов потребителя., The article outlines the main problems of legal regulation of consumer credit. The authors considered the mechanisms for including additional services in the loan agreement, as well as the procedure for establishing compound interest. Particular attention is paid to the study of the problem of including conditions for compulsory insurance of the property or life of the borrower. The authors proposed mechanisms for improving the current credit legislation and increasing the level of protection of consumer interests.

В статье дается уголовно-правовой анализ введенной 11 июня 2021 г. в Уголовный кодекс ст. 171.5, предусматривающей ответственность за незаконное осуществление деятельности по предоставлению потребительских кредитов (займов). Освещается обоснованность криминализации указанного деяния, направленного на уголовно-правовую защиту заемщиков от недобросовестных кредиторов. Отмечается конструктивное несовершенство рассматриваемой нормы, в частности изложение ее объективных и субъективных признаков. Подвергается критике позиция законодателя, ограничившего сферу действия рассматриваемой нормы только ответственностью ненадлежащих субъектов преступления. За пределами действия данной нормы остались признаки потенциальных общественно опасных деяний, связанных с незаконной выдачей потребительских кредитов (займов). Высказывается сомнение в целесообразности включения в диспозицию ст. 171.5 УК института административной преюдиции. Содержание ст. 171.5 УК соотносится с отсылочными нормами, в частности ст. 172 УК, ст. 14.56 КоАП, Федеральным законом от 21 декабря 2013 г. № 353-ФЗ «О потребительском кредите (займе)» и другими сопряженными со ст. 171.5 УК нормативными правовыми нормами. Затрагиваются проблемы, которые могут возникнуть в процессе правоприменения указанной нормы, в основном связанные с широким субъектным составом данной статьи и неопределенностью характера деяний, составляющих объективную сторону незаконного осуществления деятельности по предоставлению потребительских кредитов (займов). Делается предположение о том, что рассматриваемый состав станет очередной мало востребованной или полностью неработающей нормой в системе преступлений в сфере экономической деятельности. Дается авторская редакция ст. 171.5 УК, направленная на устранение ее конструктивных погрешностей и повышение технологичности., The article provides a criminal legal analysis of Art. 171.5, which provides for liability for illegal activities to provide consumer loans (loans). The substantiation of the criminalization of this act, aimed at criminal-legal protection of borrowers from unscrupulous creditors, is highlighted. The constructive imperfection of the norm under consideration is noted, in particular, the presentation of its objective and subjective characteristics. The position of the legislator, who limited the scope of the considered norm only to the responsibility of inappropriate subjects of the crime, is criticized. Signs of potential socially dangerous acts related to the illegal issuance of consumer loans (loans) remained outside the scope of this norm. Doubt is expressed about the advisability of including in the disposition of Art. 171.5 of the Criminal Code of the Institute of Administrative Prejudice. Contents of Art. 171.5 of the Criminal Code correlates with reference norms, in particular Art. 172 of the Criminal Code, Art. 14.56 of the Administrative Code, Federal Law of December 21, 2013 No. 353-FZ “On Consumer Credit (Loan)” and others related to Art. 171.5 of the Criminal Code of the normative legal norms. The article touches upon the problems that may arise in the process of law enforcement of the specified rule, mainly associated with the broad subject composition of this article and the uncertainty of the nature of the acts that constitute the objective side of the illegal implementation of activities for the provision of consumer loans (loans). An assumption is made that the considered composition will become another little-demanded or completely non-working norm in the system of crimes in the sphere of economic activity. The author’s edition of Art. 171.5 of the Criminal Code, aimed at eliminating its design errors and improving manufacturability., Бизнес. Образование. Право, Выпуск 3 (56) 2021

Структура магистерской диссертации включает в себя введение, три главы, заключение и список использованных источников. В первой главе рассмотрены теоретические основы потребительского кредитования в России. Во второй главе проанадизирована организация потребительского кредитования в АО «РайфффайзенБанк», анализируется просроченная задолженность и причины ее возникновения в банке. Третья глава включает в себя анализ текущих методов снижения просроченной задолженности в АО «РайфффайзенБанк» и пути снижения данных показателей. В заключении сформированы основные выводы. The structure of the master's thesis includes an introduction, three chapters, a conclusion and a list of references. The first chapter examines the theoretical foundations of consumer lending in Russia. In the second chapter, the organization of consumer lending in JSC "Raiffeisenbank" is analyzed, the overdue debt and the reasons for its occurrence in the bank are analyzed. The third chapter includes an analysis of current methods of reducing overdue debt in JSC "Raiffeisenbank" and ways to reduce these indicators. In conclusion, the main conclusions are formed.

The purpose of the article is to discuss the Consumer Credit Directive, as well as to make an assessment of the most important changes postulates of the Directive in the event of dynamic changes on the retail credit market. The article is based on the comments and opinions of the representatives of the doctrine, combined with the postulates of consumer organizations and supervisors, as well as analyses conducted by the European Commission as sole institution equipped with the legislative initiative in the EU. Celem artykułu jest omówienie Dyrektywy o kredycie konsumenckim oraz dokonanie oceny najważniejszych postulatów zmian w przepisach Dyrektywy w sytuacji dynamicznych zmian na rynku kredytów detalicznych. Podstawę rozważań artykułu stanowią uwagi i opinie przedstawicieli doktryny, zestawione z postulatami organizacji konsumenckich, nadzorców, a także analizami prowadzonymi przez Komisję Europejską jako instytucji wyposażonej w prawo inicjatywy ustawodawczej w UE.