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Payday Borrowing Name: Institution Affiliation: Regulating the money markets is a primary issue in the banking industry facing different regions in the United States. Different states have enacted the policies to regulate lending and access to credit a key force in driving the economy ahead. Our primary issue will be the trend in payday borrowing following the economic recession of 2008-2009. Various states have succeeded in abolishing of payday borrowing due to the high interests associated with it. However the demand of the loan has been on the rise since 2006 with more middle-income class involved in the borrowing. Data on the payday borrowing has not been persistent before the great recession in the US. The impact of the recession was a sharp decline of the economy of United States making it difficult for the residents to borrow (Agarwal et.al 2016). It also led to policies that restricted more the payday loaner should be allowed to operate but under regulated environment to shield the poor from exploitation. In conclusion the legality of the payday loans is justifiable by the policy regulations in a state. Though it is a source of emergency help for many there are numerous cases of exploitation due to high interests charged. The great recession may have contributed significantly towards the rise in the payday borrowing but the question of finding justifiable reasons remain. References Agarwal S. Gross T. and Mazumder B. (2016). Economic Perspectives: How did the great recession affect the payday loans? Board of Governors of the Federal Reserve System. (2016). Senior Officer Opinion Survey on Bank Lending Practices. Washington D.C. Kwan S. H. (2010). Financial crisis and bank lending. DIANE Publishing. Melzer B. T. (2011). The real costs of credit access: Evidence from the payday lending market*. The Quarterly Journal of Economics  126(1) 517-555. [...]

Order Description:

Please read the instruction well step by step. write 4 - 5 pages. Thanks

Subject Area: Economics

Document Type: Reports

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $30

Words 1100

Pages 4

Completed in 14 days

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Client Review

Wonderful

Positive
06.25.2016

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