| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10476 |
| DP10476 Forced Asset Sales and the Concentration of Outstanding Debt: Evidence from the Mortgage Market | |
| Giovanni Favara; Mariassunta Giannetti | |
| 发表日期 | 2015-03-08 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We provide evidence that lenders differ in their ex post incentives to internalize price-default externalities associated with the liquidation of collateralized debt. Using the mortgage market as a laboratory, we conjecture that lenders with a large share of outstanding mortgages on their balance sheets internalize the negative spillovers associated with the liquidation of defaulting mortgages and are thus less inclined to foreclose. We find that zip codes with higher concentration of outstanding mortgages experience fewer foreclosures, more renegotiations of delinquent mortgages, and smaller house prices declines. These results are not driven by prior local economic conditions, mortgage securitization or unobservable lender characteristics. |
| 主题 | Financial Economics |
| 关键词 | House prices Foreclosures Bank concentration Fire sales |
| URL | https://cepr.org/publications/dp10476 |
| 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/539308 |
| 推荐引用方式 GB/T 7714 | Giovanni Favara,Mariassunta Giannetti. DP10476 Forced Asset Sales and the Concentration of Outstanding Debt: Evidence from the Mortgage Market. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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