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Given that rising cost of living subsided and rates of interest decrease, the better speed ceilings facilitated stretched way to obtain borrowing from the bank to help you riskier people

Sources: (Basic column) Smith (1967); (next column) American Monetary Qualities Organization, Survey out of Associate Enterprises, authors’ calculations; (third column) Government Set aside Board, Survey out-of Financial institutions, authors’ data. Desk step one what to the continued need for functioning costs from inside the brand…