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This paper studies the role of morality in the decision to repay debts. Using a field experiment with a large Islamic bank in Indonesia, the paper finds that moral appeals strongly increase credit card repayments. In this setting, all of the banks late-paying credit card customers receive a basic reminder to repay their debt one day after they miss the payment due date. In addition, two days before the end of a ten-day grace period, clients in a treatment group also receive a text message that cites an Islamic religious text and states that "non-repayment of debts by someone who is able to repay is an injustice." This message increases the share of customers meeting their minimum payments by nearly 20 percent. By contrast, sending either a simple reminder or an Islamic quote that is unrelated to debt repayment has no effect on the share of customers making the minimum payment. Clients also respond more strongly to this moral appeal than to substantial financial incentives: receiving the religious message increases repayments by more than offering a cash rebate equivalent to 50 percent of the minimum repayment. Finally, the paper finds that removing religious aspects from the quote does not change its effectiveness, suggesting that the moral appeal of the message does not necessarily rely on its religious connotation.
Access to credit --- Adverse selection --- Arrears --- Assets --- Bank indonesia --- Banking --- Bankruptcy and resolution of financial distress --- Banks and banking reform --- Borrowers --- Checking account --- Collect debts --- Collections --- Communications --- Consumer choice --- Consumer choices --- Credit card --- Credit card debt --- Credit control --- Credit market --- Current debt --- Customer service --- Customers --- Debt --- Debt forgiveness --- Debt markets --- Debt relief --- Debt repayment --- Debtor --- Debts --- Default --- Deposit --- E-Business --- Emerging markets --- Equity --- Equity fund --- Estate private sector development --- Ethical behavior --- Ethical global equity --- Ethical global equity fund --- Exchange --- Fair trade --- Finance and financial sector development --- Financial development --- Financial products --- Forgiveness --- Gambling --- Global equity --- Goods --- Grace period --- Grants --- Human capital --- Human rights --- Income --- Indebted --- Indebted poor countries --- Insurance --- Interest --- Interest rate --- Interest rates --- Interested party --- International bank --- Investment --- Investment management --- Investor --- Islamic bank --- Islamic law --- Late payment --- Law --- Liquidity --- Liquidity constraint --- Loan --- Loan repayment --- Moral hazard --- Moral suasion --- Mortgage --- New credit --- Outsourcing --- Outstanding debt --- Partner bank --- Payment --- Payments --- Peer pressure --- Penalties --- Penalty --- Political economy --- Portfolio --- Price --- Pricing --- Property --- Public debt --- Real estate --- Repayment --- Repayment behavior --- Repayment of debt --- Repayment of debts --- Repayment rate --- Repayment rates --- Responsible investment --- Restructuring --- Revenue --- Risk --- Saving --- Savings --- Savings account --- Savings accounts --- Services --- Share --- Shares --- Socially responsible investment --- Sovereign debt --- Stocks --- Student debt --- Student loans --- Trade --- Usury laws
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This paper studies the role of morality in the decision to repay debts. Using a field experiment with a large Islamic bank in Indonesia, the paper finds that moral appeals strongly increase credit card repayments. In this setting, all of the banks late-paying credit card customers receive a basic reminder to repay their debt one day after they miss the payment due date. In addition, two days before the end of a ten-day grace period, clients in a treatment group also receive a text message that cites an Islamic religious text and states that "non-repayment of debts by someone who is able to repay is an injustice." This message increases the share of customers meeting their minimum payments by nearly 20 percent. By contrast, sending either a simple reminder or an Islamic quote that is unrelated to debt repayment has no effect on the share of customers making the minimum payment. Clients also respond more strongly to this moral appeal than to substantial financial incentives: receiving the religious message increases repayments by more than offering a cash rebate equivalent to 50 percent of the minimum repayment. Finally, the paper finds that removing religious aspects from the quote does not change its effectiveness, suggesting that the moral appeal of the message does not necessarily rely on its religious connotation.
Access to credit --- Adverse selection --- Arrears --- Assets --- Bank indonesia --- Banking --- Bankruptcy and resolution of financial distress --- Banks and banking reform --- Borrowers --- Checking account --- Collect debts --- Collections --- Communications --- Consumer choice --- Consumer choices --- Credit card --- Credit card debt --- Credit control --- Credit market --- Current debt --- Customer service --- Customers --- Debt --- Debt forgiveness --- Debt markets --- Debt relief --- Debt repayment --- Debtor --- Debts --- Default --- Deposit --- E-Business --- Emerging markets --- Equity --- Equity fund --- Estate private sector development --- Ethical behavior --- Ethical global equity --- Ethical global equity fund --- Exchange --- Fair trade --- Finance and financial sector development --- Financial development --- Financial products --- Forgiveness --- Gambling --- Global equity --- Goods --- Grace period --- Grants --- Human capital --- Human rights --- Income --- Indebted --- Indebted poor countries --- Insurance --- Interest --- Interest rate --- Interest rates --- Interested party --- International bank --- Investment --- Investment management --- Investor --- Islamic bank --- Islamic law --- Late payment --- Law --- Liquidity --- Liquidity constraint --- Loan --- Loan repayment --- Moral hazard --- Moral suasion --- Mortgage --- New credit --- Outsourcing --- Outstanding debt --- Partner bank --- Payment --- Payments --- Peer pressure --- Penalties --- Penalty --- Political economy --- Portfolio --- Price --- Pricing --- Property --- Public debt --- Real estate --- Repayment --- Repayment behavior --- Repayment of debt --- Repayment of debts --- Repayment rate --- Repayment rates --- Responsible investment --- Restructuring --- Revenue --- Risk --- Saving --- Savings --- Savings account --- Savings accounts --- Services --- Share --- Shares --- Socially responsible investment --- Sovereign debt --- Stocks --- Student debt --- Student loans --- Trade --- Usury laws
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"After a modest increase in Metro fares in Santiago, Chile, last October, twenty Metro stations were simultaneously set on fire. The fare increase was the tipping point of years of social malaise. Days later there were more than a million protesters on the streets. The people of Chile were rejecting low pensions, highway tolls, school segregation, low-quality education, and poor public-health services-the result of decades of neoliberalism. Chile was the prototype for neoliberal policies, first set up under the dictatorship of Augusto Pinochet with the first-hand guidance of economists from the University of Chicago. Under neoliberalism Chile was long seen as an exemplary developing economy, and a testament to the power of privatization and free trade. But all was not well. Sebastian Edwards tells the story of how Chile went from being the posterchild of market-oriented reforms and capitalist modernization to a nation rocked by violence and political upheaval. He narrates the origins of neoliberalism and the role of the "Chicago boys" in designing and implementing these reforms. He explains the tension between poverty reduction and income inequality, which led to seething discontent under the surface of strong economic numbers. The book tells the story of the signature policies first enacted in Chile that came to define the neoliberal way more broadly: the replacement of a traditional pension system with a privately managed system of individual savings accounts, openness and globalization, the fiscal rule, the taming of inflation, and austere health, education, and environmental policies. As Chile now sets out to draft a new constitution, and other countries come to terms with the same set of policies, all under the looming specter of reactionary populism, the book is an authoritative and important assessment of the success of neoliberalism at a pivotal moment in its history"--
Chicago school of economics. --- Neoliberalism --- Chile --- Economic conditions --- Absentee Owner. --- Activism. --- Addendum. --- Adviser. --- Aftermath of World War II. --- Arnold Harberger. --- Auction. --- Augusto Pinochet. --- Bankruptcy. --- Bourgeois Dignity. --- Business school. --- Capitalism. --- Carlos Altamirano. --- Carlos Salinas de Gortari. --- Central bank. --- Chicago Boys. --- Committee on Social Thought. --- Credibility. --- Curator. --- Currency. --- Debt. --- Democratic Revolution. --- Dictatorship. --- Dissident. --- Dollar Price. --- Economic efficiency. --- Economic forces. --- Economics. --- Economist. --- Economy of Chile. --- Employment. --- Exchange rate. --- Fixed exchange-rate system. --- Foray. --- Francis Spellman. --- Fraud. --- Free Society. --- Friedrich Hayek. --- Gabriel Boric. --- Gary S. Becker. --- George Stigler. --- Henry Kissinger. --- Human capital. --- Import. --- Income distribution. --- Income. --- Industrial policy. --- Industrialisation. --- Inflation. --- Infrastructure. --- John F. Kennedy. --- Jorge Alessandri. --- Konrad Adenauer. --- Latin America. --- Liberalization. --- Louis Rougier. --- Ludwig Erhard. --- Mao Zedong. --- Market economy. --- Market fundamentalism. --- Michael Polanyi. --- Military dictatorship. --- Milton Friedman. --- Miracle of Chile. --- Neoliberalism. --- New Narrative. --- Nobel Prize. --- Obstacle. --- Orlando Letelier. --- Partial equilibrium. --- Patricio Aylwin. --- Pension. --- Policy. --- Private sector. --- Private university. --- Productivity. --- Protectionism. --- Public finance. --- Public sphere. --- Publication. --- Retirement savings account. --- Ricardo Lagos. --- Salvador Allende. --- Secondary sector of the economy. --- Sophistication. --- Talca. --- Tariff. --- The Best and the Brightest. --- The Birth of Biopolitics. --- Theodore Schultz. --- Theodore W. Schultz. --- Trade barrier. --- Trading company. --- Walter Lippmann. --- Water right. --- Wealth. --- Welfare state in the United Kingdom. --- Welfare. --- World Economic Outlook. --- Chile Economic conditions 1988 --- -Chile Economic policy.
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"An invaluable primer on the role economic reasoning plays in campus debate and decision making. Campus Economics provides college and university administrators, trustees, and faculty with an essential understanding of how college finances actually work. Sandy Baum and Michael McPherson explain the concepts needed to analyze the pros, the cons, and the trade-offs of difficult decisions, and offer a common language for discussing the many challenges confronting institutions of higher learning today, from COVID-19 to funding cuts and declining enrollments. Emphasizing the unique characteristics of the academic enterprise and the primacy of the institutional mission, Baum and McPherson use economic concepts such as opportunity cost and decisions at the margin to facilitate conversations about how best to ensure an institution's ongoing success. The problems facing higher education are more urgent than ever before, but the underlying issues are the same in good times and bad. Baum and McPherson give nontechnical, user-friendly guidance for navigating all kinds of economic conditions and draw on real-world examples of campus issues to illustrate both institutional constraints and untapped opportunities. Campus Economics helps faculty, administrators, trustees, and government policymakers engage in constructive dialogue that can lead to decisions that align finite resources with the pursuit of the institutional mission"-- "An invaluable primer on the role economic reasoning plays in campus debate and decision making"--
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