Search Results
Discussion Paper
Alternative financial service providers and the spatial void hypothesis: the case of New Jersey and Delaware
This paper continues the use of the spatial void hypothesis methodology to analyze the location of alternative financial service providers, such as check cashing outlets and pawn shops, in New Castle County, Delaware, and Atlantic, Mercer, Monmouth, and Passaic counties in New Jersey. Also explores whether these providers are disproportionately serving minority and low-income areas.
Discussion Paper
The impact of housing rehabilitation on local neighborhoods: the case of St. Joseph's Carpenter Society
This paper presents the results of a Philadelphia Fed study that analyzes whether the community development efforts of a nonprofit in Camden, NJ, have an effect on local neighborhoods.
Journal Article
Spotlight on Research: Cities for Financial Empowerment Effort
During periods of economic hardship, virtually all segments of the population are adversely affected. While many individuals eventually make strides in recovering financially, some are not as fortunate. The less fortunate are not only unable to effectively improve their financial well-being but they also have difficulty contributing to the revitalization of their communities. In order to assist those in this sector, it is imperative to understand the factors that contribute to the difficulties they encounter in improving their plight, to pinpoint strategies to aid in their endeavor, and to ...
Discussion Paper
Alternative financial service providers and the spatial void hypothesis
This paper examines the use of alternative financial service providers (AFSPs) such as check-cashing outlets and pawnshops in Philadelphia, Montgomery, Delaware, and Allegheny counties. Also explores whether these providers are disproportionately serving minority and low-income areas.
Journal Article
Spotlight on Research: Innovative Ways to Build Savings and Wealth of Low-Income Families
The recent great recession took its financial toll on many families. Some who lost a portion of their wealth continue to struggle to find a foothold in the economy, while others have managed to regain their lost wealth. Some of the other sources of the financial instability that beset families have been attributed to the challenges associated with being a single-parent family, the volatility and fragility of income shocks, and the shredding of some safety nets. Ray Boshara, director of the Center for Household Financial Stability and assistant vice president at the Federal Reserve Bank of St. ...
Journal Article
Spotlight on Research: The Role of Small Businesses in Commercial Corridor Revitalization
Revitalizing the commercial sector in inner-city neighborhoods that have deteriorated is fraught with issues concerning, among others, the appropriate retail mix and location of establishments, as well as the impact of such efforts on residents and consumers. A key decision is who will serve as the prime mover for the revitalization activities. An article by Stacey Sutton takes a slightly unorthodox view by suggesting that small business owners are underexplored stakeholders who could spearhead a retail restructuring campaign. The following is a summary of the case she makes to support this ...
Journal Article
The Housing Market and Its Influences
The housing market influences our economic and social well-being. It serves as a prime mover of overall economic activity, the foundation for wealth creation, and the basis for the landscape of our neighborhoods as well as the dynamic relationship between cities (particularly older ones) and suburbs. The recent downturn in the housing market generated changes in its aforementioned influences. It also fostered changes in the regulatory environment in the mortgage market. These topics were discussed at the 2014 Reinventing Older Communities conference.
Journal Article
Spotlight on Research: The Influence of Financial Literacy on High-Cost Borrowing
Two topics have gained widespread attention in recent years. One is the rapid growth of high-cost borrowing offered by the alternative financial services (AFS) industry, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own stores. The other topic is the efficacy of financial literacy on improving the overall financial well-being of individuals. A study by Annamaria Lusardi and Carlo de Bassa Scheresberg explores the characteristics of those who use high-cost borrowing and the influence of financial literacy on their borrowing behavior.1 The following ...
Journal Article
Spotlight on Research: Lessons Learned from Pay for Success Programs
Various social problems, such as homelessness and prison recidivism, impose substantial costs on taxpayers. The mounting costs that result from these troubling social concerns at the local, state, and federal levels force officials to seek alternative ways to raise funds to deal with these issues. One such effort is to use a relatively new source of funding called ?pay for success (PFS),? also known as ?social impact bonds,? or ?SIBs.? Currently, there are more than 40 PFS initiatives underway worldwide. A report by Emily Gustafsson-Wright, Sophie Gardiner, and Vidya Putcha discusses what PFS ...
Journal Article
Spotlight on Research: Factors That Sustain Metropolitan Growth
The factors that underlie economic growth in metropolitan regions have been the subject of an increasing number of research efforts. Earlier research focused on the pace of growth. More recent investigations have been concerned with the resilience or capacity of regions to sustain growth paths, even in the face of external shocks. Chris Benner and Manuel Pastor add to the latter body of research by examining the growth spells among the 184 largest regions in the U.S. from 1990 to 2011.1 The authors are particularly interested in the role played by social equity. The following is a summary of ...