金融学外文翻译---学生贷款还款和回收：国际比较

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1、外文题目： Student loans repayment and recover: international comparisons 出 处： Higher Education 作 者： Adrian Ziderman , Hua Shen 原 文： Student loans repayment and recovery: international comparisons Government-sponsored student loans schemes are in place in some 70 countries and regions round the world. St

2、udent loans schemes, usually concerned with tertiary education, are of particular interest to governments because these schemes are able to contribute to the solution of a range of pressing policy problems that governments face. Student loans are able to relieve pressures on national budgets by faci

3、litating greater cost sharing though the raising of tuition and other university fees. They both enable students to avoid the burden of the up-front payment of increased tuition fees, as well as enabling them to delay loan repayment until they are in receipt of the higher salaries that generally acc

4、rue to university graduates. Liberated resources can be used in areas of greater priority for society, both outside and within the education sector and notably basic education. Greater cost recovery can provide additional funds for the expansion of the university system, to accommodate increases in

5、the social demand for tertiary education. Targeted at the disadvantaged, subsidized loans schemes may lead to greater access to university education for the poor and minority groups, thus contributing to social equity. And loans offered at favorable conditions for study in particular elds, can lead

6、to a loosening of skilled manpower bottlenecks that inhibit social, economic and industrial development. Considerable differences are evident in loans schemes across countries. Schemes differ not only in the underlying objectives pursued, but also in such parameters as organizational structure, sour

7、ces of initial funding, student coverage, loans allocation procedures and collection methods. However there is one element that is common to almost all government-sponsored loans schemes: they are highly subsidized by governments. This means that, unlike commercial loans, a sizeable proportion of th

8、e total loans outlay by the loans body, be it government department, loans scheme authority or commercial bank, will not be received back in repayment. This gap between total loan disbursements and overall loans recovery is accounted for by two elements. First, there are built-in interest rate subsi

9、dies, incorporated into the design of the loans scheme. And, second, there are inefciencies in running the scheme, in terms of substantial repayment default and high administration costs. A sizeable and sustained gap between disbursements and recovery implies continuing governmental nancial support.

10、 This is the case also where loans scheme capital is provided, not by government, but by such non-governmental sources as the banking system； here there is a need for ongoing government guarantees against default, in addition to interest rate subsidies. How large are these gaps across countries, in

11、practice? A central objective of the present paper is to measure the size, and contributing factors, of this gap in 44 loans schemes worldwide. Has the gap changed in size over time? Many student loans schemes have undergone drastic reform in recent years. Some programs have moved from a traditional

12、 mortgage-type repayment model to income-contingency based repayment； some schemes have adjusted loan repayment conditions, such as interest rates, grace periods and repayment periods； a few countries have revamped or even completely replaced the loans programs. The results of the present study are

13、compared with those of an earlier one relating to the early 1990s (Ziderman and Albrecht 1995) to see to what extent the level of subsidy and overall efciency of loans schemes have changed in the interim. The paper is structured as follows. The following, denitional section introduces the key concep

14、ts that are measured in this study: the loan repayment ratio, hidden grants and the loans recovery ratio. Previous measurement studies are discussed briey in section Past studies, while a brief account of data sources is provided in section Data sources and methods. Our main ndings on repayment and

15、recovery ratios are presented in Sections Results: repayment and Results: efciency of loans schemes； conclusions for policy follow in the nal section. Past studies A number of studies have examined loans repayment and loans recovery in various country loans schemes. These studies take two forms: ind

16、ividual country studies and comparative studies. Examples of country level studies are to be found in Wandiga (1997), which examines the Kenyan loans scheme, and in Chung and Hung (2003) which reports on student loans in Hong Kong. But because these individual studies use somewhat different methodol

17、ogies, it is difcult to draw any comparative conclusions from an examination othe differing results, across countries. A few comparative studies are available, each relating to a number of country loan schemes. Each of the comparative studies employed a common methodology to examine the county loans

18、 schemes under scrutiny. The classic study by Johnstone (1986), which introduced the hidden grant concept, measured the size of the hidden grant in loan schemes in the Federal Republic of Germany, the United States and Sweden. Carlson (1992) compared loans schemes within Latin America and the Caribb

19、ean, while Ziderman (2004) reported the results from a comparative study of ve loans scheme in S.E. Asia. However, all of these comparative studies have a limited coverage Johnstones study relates to industrialized countries while the Carlson and Ziderman studies are regional in focus. The comparati

20、ve study by Ziderman and Albrecht (1995) is more general and far-ranging than the other studies noted above. Computing repayment and recovery ratios for student loans schemes in 19 countries, the study covered a larger number of countries, included both developing and industrialized and was not rest

21、ricted to a regional coverage. However, the ndings relate to loans scheme conditions as they stood fteen to twenty years ago. The aim of the research reported in the present paper is to revisit this earlier research, to update the ndings, and to extend the analysis to a larger sample of some 39 coun

22、tries. In addition to providing results for more recent years, the present study also makes possible a review of progress over the interim. Can we detect patterns in the level of subsidy across schemes in different countries? Have loans schemes generally become less subsidized over time? Are they ru

23、n more efciently? Given less-than-full loans recovery in almost all loans schemes and, in many cases, very heavy losses, government subsidy will remain a continuing feature of student loan schemes as they are presently operated. The widely held view that student loans scheme can act as revolving funds which, once capitalized, can