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Future Directions for Income Contingent Loan Theory

In: Income Contingent Loans

Author

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  • Glenn Withers

    (The Australian National University)

Abstract

A focus in contemporary analysis of income contingent loans is to firmly and formally embed it in rational individual choice theory. Special attention is paid to the associated market inadequacy characteristics that imply a need for loan arrangements beyond conventional finance market mechanisms. This chapter suggests that there are also complementary possibilities for additional new directions for income contingent loan theory and research. New directions are argued to be especially promising in positive political economy analyses of the role of voters, politicians, bureaucrats and interest groups, in normative political economy relating to social welfare function optimisation and in ‘grand theory’ relating to the fiscal crisis of the state.

Suggested Citation

  • Glenn Withers, 2014. "Future Directions for Income Contingent Loan Theory," International Economic Association Series, in: Bruce Chapman & Timothy Higgins & Joseph E. Stiglitz (ed.), Income Contingent Loans, chapter 21, pages 241-247, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-41320-8_22
    DOI: 10.1057/9781137413208_22
    as

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