G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w16586
来源IDWorking Paper 16586
The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers
Christopher J. Mayer; Tomasz Piskorski; Alexei Tchistyi
发表日期2010-12-02
出版年2010
语种英语
摘要This paper explores the practice of mortgage refinancing in a dynamic competitive lending model with risky borrowers and costly default. We show that prepayment penalties improve welfare by ensuring longer-term lending contracts, which prevents the mortgage pools from becoming disproportionately composed of the riskiest borrowers over time. Mortgages with prepayment penalties allow lenders to lower mortgage rates and extend credit to the least creditworthy, with the largest benefits going to the riskiest borrowers, who have the most incentive to refinance in response to positive credit shocks. Empirical evidence from more than 21,000 non-agency securitized fixed rate mortgages is consistent with the key predictions of our model. Our results suggest that regulations banning refinancing penalties might have the unintended consequence of restricting access to credit and raising rates for the least creditworthy borrowers.
主题Microeconomics ; Households and Firms ; General Equilibrium ; Financial Economics ; Financial Markets ; Financial Institutions ; Regional and Urban Economics ; Real Estate
URLhttps://www.nber.org/papers/w16586
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/574261
推荐引用方式
GB/T 7714
Christopher J. Mayer,Tomasz Piskorski,Alexei Tchistyi. The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers. 2010.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w16586.pdf(698KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Christopher J. Mayer]的文章
[Tomasz Piskorski]的文章
[Alexei Tchistyi]的文章
百度学术
百度学术中相似的文章
[Christopher J. Mayer]的文章
[Tomasz Piskorski]的文章
[Alexei Tchistyi]的文章
必应学术
必应学术中相似的文章
[Christopher J. Mayer]的文章
[Tomasz Piskorski]的文章
[Alexei Tchistyi]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w16586.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。