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Inside the Loan Shark Economy

Kevin Lang, an economist at Boston University, explores the often misunderstood world of loan sharking, particularly in Singapore. Contrary to the violent stereotypes portrayed in media, Lang's research reveals a system built on trust and relational contracts, where borrowers seek to maintain long-term borrowing relationships, and loan sharks avoid physical violence to keep customers returning. He also highlights the challenges borrowers face, including the effects of rising interest rates and the impact of relying on friends and family for repayment. Learn more about his work at https://sites.bu.edu/kevinlang/