Journal Article
Spotlight on Research: The Influence of Financial Literacy on High-Cost Borrowing
Smith, Marvin M. (2015-04)
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 ...
Cascade , Volume 2

Journal Article
The Housing Market and Its Influences
Smith, Marvin M. (2014-07)
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.
Cascade , Volume 2

Journal Article
Spotlight on Research: The Role of Small Businesses in Commercial Corridor Revitalization
Smith, Marvin M. (2015-07)
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 ...
Cascade , Volume 3

Discussion Paper
Alternative financial service providers and the spatial void hypothesis: the case of New Jersey and Delaware
Smith, Tony E.; Wackes, John; Smith, Marvin M. (2009)
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.
Community Affairs Discussion Paper , Paper 09-01

Journal Article
Spotlight on Research: Housing Options for Homeless Families
Smith, Marvin M. (2015-01)
Homelessness in the U.S. continues to be a pressing issue. It is generally thought to involve only single men and women. However, according to a 2010 report to Congress, about one-third of the homeless are families.1 While the need for housing for homeless families is a foregone conclusion, the type of housing that best fosters residential stability and self-sufficiency remains at issue. A recent report by the National Center on Family Homelessness sheds light on this topic.2 The following is a summary of that report.
Cascade , Volume 1

Journal Article
Spotlight on Research: Lessons Learned from Pay for Success Programs
Smith, Marvin M. (2015-10)
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 ...
Cascade , Volume 4

Journal Article
Spotlight on Research: Innovative Ways to Build Savings and Wealth of Low-Income Families
Smith, Marvin M. (2016-01)
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. ...
Cascade , Volume 4

Journal Article
Spotlight on Research: The Impact of Government Subsidized Lending: Community Development Financial Institutions Fund
Smith, Marvin M. (2013-10)
Access to credit in all segments of the population not only enhances the financial viability of individuals and their communities but also contributes to a robust economy. However, for various reasons, the private sector might not supply an adequate amount of credit or capital to meet the demand in certain areas. In these instances, the government might step in and bridge the gap. One approach taken by the federal government is to provide funds from the Community Development Financial Institutions (CDFI) Fund to financial intermediaries such as community development financial institutions ...
Cascade , Volume 2

Journal Article
Spotlight on Research: Making a Difference in the Lives of Young Men of Color
Smith, Marvin M. (2016-01)
The plight of young men of color, whether it is in education, the labor market, or involvement in the criminal justice system, has been and remains a challenge. The difficulties in the various areas of these young men?s lives have been well documented over time. The problems of young men of color have also engendered numerous responses. Policy initiatives at the federal, state, and local levels as well as endeavors by foundations have been undertaken to address these dilemmas.
Cascade , Volume 1

Discussion Paper
Alternative financial service providers and the spatial void hypothesis
Smith, Tony E.; Wackes, John; Smith, Marvin M. (2007)
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.
Community Affairs Discussion Paper , Paper 07-01