文档介绍：本科毕业论文(设计)
外文翻译
原文:
Pawn Credit and the Importance of Financial Exclusion
The pawnbroking industry is thriving again. Recently, Reuters (2009) reported that the . pawnbroking industry is growing at a rate not seen in the past 10 years. The Swedish pawnbroking industry forms no exception; in 2008 its outstanding loan balance rose by 20 percent for the second consecutive year to SEK bn. In 2009 pawn credit is forecasted to grow to SEK bn. Until recently, the demand for pawn credit in Sweden was relatively stable. As in the ., around four percent of the Swedish adult population uses the services of a pawnshop on a regular basis. Interestingly, given the presence of collateral and the higher interest rates typically charged on pawn credit, 90 percent of the customers pay back their loan.
The average pawn loan in Sweden has a value of SEK 2500 (USD 350-400) and has a maturity of 141 days. The cost, including interest and fees, associated with such a loan amounts to 20 percent of the loan’s principal and two percent of the average after tax e earned during the maturity by the pawn borrowers. In order to justify borrowing at such high cost, standard life cycle consumption models requires very high discount rates or events that cause large unanticipated variation in the marginal utility of consumption. As Skiba (2007) point out, borrowing at such rates is even more