| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11083 |
| DP11083 A Simple Model of Subprime Borrowers and Credit Growth | |
| Andrea Tambalotti; Giorgio Primiceri; Alejandro Justiniano | |
| 发表日期 | 2016-01-31 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | The surge in credit and house prices that preceded the Great Recession was particularly pronounced in ZIP codes with a higher fraction of subprime borrowers (Mian and Sufi, 2009). We present a simple model with prime and subprime borrowers distributed across geographic locations, which can reproduce this stylized fact as a result of an expansion in the supply of credit. Due to their low income, subprime households are constrained in their ability to meet interest payments and hence sustain debt. As a result, when the supply of credit increases and interest rates fall, they take on disproportionately more debt than their prime counterparts, who are not subject to that constraint. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Collateral constraint Credit supply House price Household debt Housing boom |
| URL | https://cepr.org/publications/dp11083 |
| 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/539912 |
| 推荐引用方式 GB/T 7714 | Andrea Tambalotti,Giorgio Primiceri,Alejandro Justiniano. DP11083 A Simple Model of Subprime Borrowers and Credit Growth. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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