‘A Supreme Example of Whitehall “Tinkering” ’

2018 ◽  
pp. 124-152
Author(s):  
Stuart Aveyard ◽  
Paul Corthorn ◽  
Sean O’Connell
Keyword(s):  
Money Supply ◽  
Consumer Credit ◽  
Credit Cards ◽  
Consumer Expenditure ◽  
Credit Expansion ◽  
Consumer Durables ◽  
Effect Change ◽  
The Status ◽  
Target Consumer ◽  
General Thrust

Competition and Credit Control contributed to the abandonment of hire purchase terms control, but officials continued to search for another mechanism that could target consumer expenditure. Their quest became more pressing after 1973, as tremendous economic difficulties strengthened the desire to control the growth of the money supply. Competition and Credit Control failed to restrict credit expansion and was modified by the introduction of the ‘credit corset’. Hire purchase terms controls returned, alongside the voluntary system for other forms of consumer credit. The failure was dramatic enough for Labour’s front bench to advocate a return to ceilings on bank advances and the withdrawal of credit cards. In office, however, Labour accepted the status quo and relaxed some controls following pressure from the consumer durables sector. The general thrust of the experience in the 1970s led officials and ministers to lose faith in the capacity of the state to effect change.

The Economic and Social Background to the Consumer Durables Revolution

2017 ◽  
Author(s):  
Peter Scott
Keyword(s):  
Durable Goods ◽  
Consumer Credit ◽  
Social Background ◽  
Living Standards ◽  
Consumer Expenditure ◽  
Household Demand ◽  
Fertility Rates ◽  
Real Wages ◽  
Consumer Durables ◽  
Technological Improvements

By 1939 rising living standards provided access to an array of durable goods that many people regarded as necessities, but would have been beyond the dreams of their parents twenty-five years earlier. Rising real wages, falling fertility rates, and an expansion and liberalization of consumer credit, collectively made affordable goods that cost several weeks’, months’, or (in the case of housing) years’ income. This chapter examines these trends and then discusses their impacts on household demand for durable goods. For most durables, demand is shown to have risen substantially faster than incomes, producing a major rise in their share of total consumer expenditure. This was partly driven by technological improvements, though successful marketing (both of the goods and the consumer credit that made them affordable) also played a key role.

scholarly journals The COVID-19 Shock and Consumer Credit: Evidence from Credit Card Data

2021 ◽  
Vol 2021 (008) ◽  
pp. 1-55
Author(s):  
Akos Horvath ◽  
◽  
Benjamin Kay ◽  
Carlo Wix ◽  
◽  
...  
Keyword(s):  
Interest Rates ◽  
Credit Card ◽  
Negative Impact ◽  
Consumer Credit ◽  
Credit Cards ◽  
Sharp Decrease ◽  
Main Driver ◽  
Credit Card Data ◽  
Pandemic Severity ◽  
The Impact

We use credit card data from the Federal Reserve Board's FR Y-14M reports to study the impact of the COVID-19 shock on the use and availability of consumer credit across borrower types from March through August 2020. We document an initial sharp decrease in credit card transactions and outstanding balances in March and April. While spending starts to recover by May, especially for risky borrowers, balances remain depressed overall. We find a strong negative impact of local pandemic severity on credit use, which becomes smaller over time, consistent with pandemic fatigue. Restrictive public health interventions also negatively affect credit use, but the pandemic itself is the main driver. We further document a large reduction in credit card originations, especially to risky borrowers. Consistent with a tightening of credit supply and a flight-to-safety response of banks, we find an increase in interest rates of newly issued credit cards to less creditworthy borrowers.

Consumer Credit on the Eve of Affluence

2018 ◽  
pp. 20-47
Author(s):  
Stuart Aveyard ◽  
Paul Corthorn ◽  
Sean O’Connell
Keyword(s):  
Consumer Protection ◽  
Free Market ◽  
Demand Management ◽  
Consumer Credit ◽  
Credit Market ◽  
Balance Of Payments ◽  
Consumer Durables ◽  
Keynesian Theory ◽  
Election Victory

The chapter begins with an examination of debates around consumer protection and hire purchase in the 1930s. It explains the emergence and significance of the Hire Purchase Act, 1938. It explores radical (but thwarted) Labour plans to reshape important sectors of the consumer credit market during the 1940s. The chapter then explains the influence of Keynesian theory and its role in generating new policy on economic demand management. The Conservative election victory of 1951 owed much to the party’s courtship of voters with free market rhetoric, but this government instigated hire purchase controls to improve the balance of payments and combat inflation. Labour dubbed the measures ‘a very vicious piece of class legislation’. This policy created long-standing disagreement between the Treasury and the Board of Trade (and consumer durables manufacturers) about the damage to UK manufacturing. The chapter outlines developments up until the Radcliffe Committee was tasked to examine the issue.

The “Everything Card” and Consumer Credit in the United States in the 1960s

2011 ◽  
Vol 85 (3) ◽  
pp. 551-575 ◽  
Author(s):  
Christine Zumello
Keyword(s):  
New York ◽  
Commercial Bank ◽  
Credit Card ◽  
Consumer Credit ◽  
Credit Cards ◽  
The United States ◽  
Retail Banking ◽  
Mass Consumption ◽  
Legislative Action ◽  
The 1960S

First National City Bank (FNCB) of New York launched the Everything Card in the summer of 1967. A latecomer in the field of credit cards, FNCB nonetheless correctly recognized a promising business model for retail banking. FNCB attempted not only to ride the wave of mass consumption but also to capitalize on the profit-generating potential of buying on credit. Although the venture soon failed, brought down by the losses that plagued the bank due to fraud, consumer discontent, and legislative action, this final attempt by a major single commercial bank to launch its own plan did not signify the end of credit cards. On the contrary, the Everything Card was a harbinger of the era of the universal credit card.

scholarly journals Klasifikasi Penentuan Pengajuan Kartu Kredit Menggunakan K-Nearest Neighbor

2020 ◽  
Vol 22 (1) ◽  
pp. 73-82
Author(s):  
Yogiek Indra Kurniawan ◽  
Tiyssa Indah Barokah
Keyword(s):  
Credit Card ◽  
Nearest Neighbor ◽  
Credit Cards ◽  
K Nearest Neighbor ◽  
The Status ◽  
Using Data

A credit card is a device payment issued by the bank certain made of plastic and useful as a tool payment on credit carried out by the owner of the card or in accordance with the name of listed in a credit card is on when making purchases goods or services. The problems facing in giving a credit cards to customers bank that have signed up is difficult to determine the category of a credit cards in accordance with the customer bank. By doing this research is expected to facilitate the bank or the analysis to determine the category of a credit card to customers bank right. The research used is by applying methods K-Nearest Neighbor to classify prospective customers in the making a credit card in accordance with the category of  customers by using data customers at the Bank BNI Syariah Surabaya. A method K-Nearest Neighbor used to seek patterns on the data customers so established variable as factors supporters in the form of gender, the status of the house, the status, the number of dependants (children), a profession and revenue annually. The results of this research shows that an average of the value of precision of 92%, the value of recall of 83%, and the value of accuracy of 93%. Thus, this application is effective to help analyst credit cards in classifying customers to get credit cards that appropriate criteria.

scholarly journals Thin or Thick Inclusiveness? The Constitutional Duty to Consult and Accommodate First Nations in Canada

2019 ◽  
Vol 34 (1) ◽  
pp. 149-175
Author(s):  
Ian James Urquhart
Keyword(s):  
First Nations ◽  
Oil Sands ◽  
Aboriginal Peoples ◽  
Resource Exploitation ◽  
Judicial Interpretation ◽  
Treaty Rights ◽  
Aboriginal Rights ◽  
The Status ◽  
Natural Resource Exploitation ◽  
General Thrust

What has the addition of aboriginal rights to the Canadian constitution in 1982 meant for the place of First Nations’ interests in the Canadian constitutional order? This article considers this question in the context of natural resource exploitation – specifically, the exploitation of the oil or tar sands in Alberta. It details some of the leading jurisprudence surrounding Section 35 of the Constitution Act 1982, the section of the Constitution recognizing existing aboriginal and treaty rights. Arguably, Section 35 represented an important effort to improve the status of aboriginal peoples in Canada, to enhance the extent to which Canada included and respected the values and interests of First Nations. The article specifically considers how the judicial interpretation of the Crown’s duty to consult and accommodate aboriginal peoples is related to the theme of inclusivity. It argues that the general thrust of judicial interpretation has promoted a thin, or procedural, version of inclusiveness rather than a substantive, or thicker, one. Such a thicker version of inclusiveness would be one in which the pace of oil sands exploitation is moderated or halted in order to allow First Nations to engage in traditional activities connected intimately with aboriginal and treaty rights.

Furniture

2017 ◽  
Author(s):  
Peter Scott
Keyword(s):  
Middle Class ◽  
Working Class ◽  
Consumer Credit ◽  
Consumer Durables ◽  
Advertising Campaign ◽  
Lower Middle Class ◽  
National Advertising ◽  
Early Success ◽  
Consumer Durable ◽  
Middle Class Families

New furniture was the first consumer durable to be successfully diffused to a mass (middle- and working-class) market in Britain. This chapter charts how a small number of furniture retailers pioneered many of the techniques used to create British mass markets for consumer durables. The key innovator was Benjamin Drage, who devised a successful formula to sell suites of new furniture, and the consumer credit used to purchase them, to ‘Mr Everyman’, using a revolutionary national advertising campaign. Drage’s spectacular early success is shown to have inspired emulation and adaption not just by furniture retailers, but by suppliers of other consumer durables. This chapter shows how furniture retailers managed to convince millions of working-and lower-middle-class families that buying their furniture new and furnishing out of income was not only practicable but constituted the cornerstone of modern aspirational lifestyles.

Diffusion and Adoption of Credit Cards in Indian Banking Sector

2018 ◽  
Vol 1 (2) ◽  
pp. 1-20
Author(s):  
Dr. Mandeep Kaur ◽  
Dr.Kamalpreet Kaur
Keyword(s):  
Credit Card ◽  
Banking Sector ◽  
Credit Cards ◽  
Annual Reports ◽  
Banking Services ◽  
Time Period ◽  
Dichotomous Variable ◽  
Reserve Bank ◽  
The Status ◽  
Reserve Bank Of India

The study emphasizes on the identification of factors, which may have influenced the banks to adopt credit cards along with their traditional banking services. Bank specific variables were investigated to deepen the understanding on the diffusion and adoption of credit cards. The data relating to sampled banks’ characteristics have been collected from database of Reserve Bank of India. To know about the status of the bank regarding its adoption of credit card, the websites and annual reports of the banks were explored during different intervals of time period of the study. The study considers the dependent variable i.e. adoption of credit cards as dichotomous variable, whether or not a bank renders the credit card services, denoting 1 if the bank has adopted credit card otherwise 0. The logistic regression has thus been applied to get the valid and reliable results. The empirical findings reveal that, size, non-interest income, non performing assets, profitability, age and market share of the bank are the variables which have contributed significantly in the diffusion and adoption of credit cards.

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