Education, borrowing constraints and growth: A note
分析Kitaura(2012)中教育借贷约束与增长的关系，发现放松约束对初始世代有利，但可能损害后续世代，指出政府可能为选举牺牲后代利益。
Kitaura (2012) shows an inverse U-shape relationship between balanced growth and the tightness of educational borrowing constraints and argues that a loosening of constraints need not be Pareto-improving even if growth increases. We provide a careful analysis of the transition, showing that an unanticipated loosening of credit constraints is welfare-improving for initial generations, but may be detrimental to (some) subsequent generations when growth increases. Thus, we argue that governments concerned with re-election may support a loosening of credit at the expense of future generations.