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The Evidence on Credit Constraints in Post-Secondary Schooling

Pedro Carneiro and James J. Heckman
The Economic Journal
Vol. 112, No. 482 (Oct., 2002), pp. 705-734
Published by: Wiley on behalf of the Royal Economic Society
Stable URL: http://www.jstor.org/stable/798529
Page Count: 30
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
The Evidence on Credit Constraints in Post-Secondary Schooling
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Abstract

This paper examines the family income-college enrolment relationship and the evidence on credit constraints in post-secondary schooling. We distinguish short run liquidity constraints from the long term factors that promote cognitive and noncognitive ability. Long run factors crystallised in ability are the major determinants of the family income - schooling relationship, although there is some evidence that up to 8% of the total US population is credit constrained in a short run sense. Evidence that IV estimates of the returns to schooling exceed OLS estimates is sometimes claimed to support the existence of substantial credit constraints. This argument is critically examined.

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