| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6671 |
| DP6671 Interest Group Politics in a Federation | |
| Sergei Guriev; Ekaterina Zhuravskaya; Evgeny Yakovlev | |
| 发表日期 | 2008-02-01 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper studies the relationship between the recent boom and current delinquencies in the subprime mortgage market. Specifically, we analyze the extent to which this relationship can be explained by a decrease in lending standards that is unrelated to improvements in underlying economic fundamentals. We find evidence of a decrease in lending standards associated with substantial increases in the number of loan applications. We also find that the underlying market structure of the mortgage industry mattered, with larger declines in lending standards being associated with increases in the number of competing lenders. Finally, increased ability to securitize mortgages appears to have affected lender behaviour, with lending standards experiencing greater declines in areas with higher mortgage securitization rates. The results are consistent with theoretical predictions from recent financial accelerator models based on asymmetric information, and shed some light on the underlying causes and characteristics of the current crisis in the subprime mortgage market. |
| 主题 | Financial Economics |
| 关键词 | Credit boom Financial accelerators Lending standards Moral hazard Mortgages Subprime loans |
| URL | https://cepr.org/publications/dp6671 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535508 |
| 推荐引用方式 GB/T 7714 | Sergei Guriev,Ekaterina Zhuravskaya,Evgeny Yakovlev. DP6671 Interest Group Politics in a Federation. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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