全球智库信息集成服务系统(G2TT): DP12230 Credit Growth and the Financial Crisis: A New Narrative

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来源类型	Discussion paper
规范类型	论文
来源ID	DP12230
	DP12230 Credit Growth and the Financial Crisis: A New Narrative
	Stefania Albanesi; Giacomo DE GIORGI; Jaromir Nosal
发表日期	2017-08-19
出版年	2017
语种	英语
摘要	A broadly accepted view contends that the 2007-09 financial crisis in the U.S. was caused by an expansion in the supply of credit to subprime borrowers during the 2001- 2006 credit boom, leading to the spike in defaults and foreclosures that sparked the crisis. We use a large administrative panel of credit file data to examine the evolution of household debt and defaults between 1999 and 2013. Our findings suggest an alternative narrative that challenges the large role of subprime credit in the crisis. We show that credit growth between 2001 and 2007 was concentrated in the prime segment, and debt to high risk borrowers was virtually constant for all debt categories during this period. The rise in mortgage defaults during the crisis was concentrated in the middle of the credit score distribution, and mostly attributable to real estate investors. We argue that previous analyses confounded life cycle debt demand of borrowers who were young at the start of the boom with an expansion in credit supply over that period. Moreover, a positive correlation between the concentration of subprime borrowers and the severity of the 2007-09 recession found in previous research may be driven by the high prevalence of young, low education, minority individuals in zip codes with large subprime population.
主题	Macroeconomics and Growth
关键词	Subprime debt Housing crisis Credit boom Financial crisis
URL	https://cepr.org/publications/dp12230
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/541041
推荐引用方式 GB/T 7714	Stefania Albanesi,Giacomo DE GIORGI,Jaromir Nosal. DP12230 Credit Growth and the Financial Crisis: A New Narrative. 2017.