| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8359 |
| DP8359 Debt Portfolios | |
| Winfried Koeniger; Thomas Hintermaier | |
| 发表日期 | 2011-04-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We provide a model with endogenous portfolios of secured and unsecured household debt. Secured debt is collateralized by owner-occupied housing whereas unsecured debt can be discharged according to bankruptcy regulations. We show that the calibrated model matches important quantitative characteristics of observed wealth and debt portfolios for prime-age consumers in the U.S. We then establish the quantitative result that home equity does not serve as informal collateral for unsecured debt since, as in the data, unsecured debtors hold small amounts of home equity in equilibrium. Thus, observed variations in homestead exemptions, which are an important part of U.S. bankruptcy regulation, have a small effect on the quantity and price of unsecured debt. |
| 主题 | International Macroeconomics ; Labour Economics |
| 关键词 | Bankruptcy Collateral Commitment Household debt portfolios Housing Income risk |
| URL | https://cepr.org/publications/dp8359 |
| 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/537186 |
| 推荐引用方式 GB/T 7714 | Winfried Koeniger,Thomas Hintermaier. DP8359 Debt Portfolios. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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