| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14458 |
| DP14458 Government Loan Guarantees, Market Liquidity, and Lending Standards | |
| Toni Ahnert; Martin Kuncl | |
| 发表日期 | 2022-04-13 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study third-party loan guarantees in a model in which lenders can screen, learn loan quality over time and can sell loans before maturity when in need of liquidity. Loan guarantees improve market liquidity and reduce lending standards, with a positive overall welfare effect. Guarantees improve the average quality of non-guaranteed loans traded and thus the market liquidity of these loans due to both selection and commitment. Because of this positive pecuniary externality, guarantees are insufficient and should be subsidized. Our results contribute to a debate about reforming government-sponsored mortgage guarantees by Fannie Mae and Freddie Mac. |
| 主题 | Financial Economics |
| 关键词 | Mortgage guarantees Adverse selection Market liquidity Pecuniary externality Pigouvian subsidy Government sponsored enterprises |
| URL | https://cepr.org/publications/dp14458-1 |
| 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/546212 |
| 推荐引用方式 GB/T 7714 | Toni Ahnert,Martin Kuncl. DP14458 Government Loan Guarantees, Market Liquidity, and Lending Standards. 2022. |
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