tailieunhanh - CONSUMER CREDIT IN AUSTRALIA DURING THE 20TH CENTURY

Critical features of a sound investment climate include a sensible governance system that allows firms and farms to pursue productive activity without harassment, contracts and property rights to be respected and corruption to be reduced. Equally important is an infrastructure that allows private entrepreneurs and their employees to operate effectively. Competition and, where necessary, regulation are essential to channel private initiative in socially useful directions. A sound financial sector is required to allow firms to enter the market and operate effectively as well as to help restructure failing firms. A stable macro-economic environment and an. | CONSUMER CREDIT IN AUSTRALIA DURING THE 20TH CENTURY Pierre van der Eng School of Management Marketing and International Business College of Business and Economics Copland building 24 The Australian National University Canberra ACT 0200 Australia Fax 61 2 6125 8796 E-mail Working Paper No 489 ISBN 0 86831 489 7 January 2008 JEL codes D14 E21 E51 G23 N27 Keywords Consumer Credit Finance Household Expenditure History Australia Consumer credit in Australia during the 20th century Pierre van der Eng1 School of Management Marketing and Internationa Business Australian National University Canberra Australia Abstract This article surveys the growth of consumer credit in Australia during the 20th century particularly after World War II. Until the 1970s the regulation of Australia s financial market caused formal consumer credit to be provided mainly by finance companies under hire-purchase contracts largely for the purchase of cars and household durables. Deregulation of the financial market since the 1960s allowed banks to gain a dominant share in the market for personal loans. Quantification of long-term trends is difficult but broad estimates suggest sustained growth in per capita indebtedness during 19452007. JEL classifications D14 E21 E51 G23 N27 Key words consumer credit finance household expenditure history Australia Introduction Living standards improved considerably in Australia during the 20th century. Households were increasingly able to overcome liquidity constraints and purchase an ever greater number and range of consumer durables including furniture refrigerators washing machines radios televisions and cars. These were often items for which they lacked finance in terms of current income and or accumulated savings. Still households were able to purchase them due to the increasing availability accessibility and affordability of consumer credit. Formal consumer credit grew quickly in Australia after World War II as a major source of

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