Gunnar Trumbull's research while affiliated with Harvard Medical School and other places

Publications (8)

Article
Research into the causes of the 2008 financial crisis has drawn attention to a link between growing income inequality in the United States and high household indebtedness. Most accounts trace the U.S. idea of credit-as-welfare to the period of wage stagnation and welfare retrenchment that began in the early 1970s. Using France as a comparison case,...
Chapter
Americans are famous borrowers. In 2007, household nonmortgage debt averaged 25 percent of disposable income, and 60 percent of households were in debt. If we include equity extracted from housing to make consumer purchases or pay down existing consumer debt, nonmortgage consumer indebtedness rises to 33 percent of disposable income for the same ye...
Article
Global climate change is an increasingly prominent political and business problem. Design of market-based systems to reduce carbon emissions has proven difficult. More broadly, national attempts to comply with the provisions of the Kyoto Protocol present both governments and firms with significant challenges. The design of international institution...
Article
A Spanish company has to decide if they should expand into the fragmented European consumer finance market and has to make important organizational strategy decisions, in the midst of the world economic downturn that followed the 2007 US credit crunch. Since 2002, the consumer finance branch of the Spanish banking Grupo Santander, Santander Consume...
Article
This article describes the consumer finance sector in the US since World War II. We first define the sector in terms of the functions delivered by firms (payments, savings/investing, borrowing, managing risk, and providing advice.) We provide time series evidence on major trends in consumption, savings, and borrowing. Examining consumer decisions,...
Article
Theories of legitimate regulation have emphasized the role of governments either in fixing market failures to promote greater efficiency, or in restricting the efficient functioning of markets in order to pursue public welfare goals. In either case, features of markets serve to justify regulatory intervention. I argue that this causal logic must so...
Article
In 2010, the European Union faces the challenges of the global financial crisis. With 27 member states, each facing different challenges, can new EU institutions respond effectively? Will its new currency, the euro, survive?Learning Objective: To understand the politics, economics, and institutions of the European Union.
Article
In 2006, Afghanistan remains a country in turmoil. It has a newly elected democratic government, a rebounding economy, and considerable economic potential. But the country is still torn by rival factions and dominated by the opium trade. Explores how Afghanistan has been rebuilt since the U.S. invasion of 2001, and what it means to create a modern...

Citations

... The study applies U.S. data showing that household financial access is significantly affected by large income drops. Trumbull (2012) also argues that the relationship between access to credit markets and welfare is not unique only in the U.S. but is also evident in France. Along these lines, (Dwyer, 2018) concludes that credit and debt shape inequalities impact multiple pathways on social inclusion and exclusion directing life changes. ...
... Newell and Paterson likewise assert that voluntary standards such as the Gold Standard and the Voluntary Carbon Standard could conceivably someday 'close down' the space for unacceptable offsets (174) -ignoring the fact that since this space covers the entire offset field, the pretence of 'governance' can only make things worse (Lohmann, 2009b(Lohmann, , 2009d. (Not that business has ever taken much interest in such standards anyway; as of September 2010, only 97 out of 5,443 offset projects in the Kyoto Protocol carbon market pipeline were approved by the Gold Standard.) ...
... In France there is no major credit reporting agency and individuals do not have credit scores. 149 The Bank of France maintains files that are available to financial institutions in which it reports bad debts, fraudulent activities, dishonoured cheques and insolvency. 150 A consumer who applies for credit or a mortgage must provide bank statements and payslips of the last three months or tax returns of the past three years. ...
... "Some older forms of credit, such as pawning and open-book retail credit, declined in popularity. These were replaced by a range of new unsecured installment and revolving loans that became increasingly popular in the postwar period; they ranged from student loans, to payday loans (a reinvention of the salary loan), credit cards, overdraft protection, and bank lines of credit" (Ryan et al., 2011). Robinson (1935) differentiates chattel loans, which were loans made on personal property such as furniture and clothing, from salary loans, which were made using the borrower's next paycheck as collateral. ...