| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21626 |
| 来源ID | Working Paper 21626 |
| Phasing Out the GSEs | |
| Vadim Elenev; Tim Landvoigt; Stijn Van Nieuwerburgh | |
| 发表日期 | 2015-10-12 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We develop a new model of the mortgage market where both borrowers and lenders can default. Risk tolerant savers act as intermediaries between risk averse depositors and impatient borrowers. The government plays a crucial role by providing both mortgage guarantees and deposit insurance. Underpriced government mortgage guarantees lead to more and riskier mortgage originations as well as to high financial sector leverage. Mortgage crises occasionally turn into financial crises and government bailouts due to the fragility of the intermediaries' balance sheets. Increasing the price of the mortgage guarantee "crowds in" the private sector, reduces financial fragility, leads to fewer but safer mortgages, lowers house prices, and raises mortgage and risk-free interest rates. Due to a more robust financial sector, consumption smoothing improves and aggregate welfare increases. While borrowers are nearly indifferent to a world with or without mortgage guarantees, savers are substantially better off. While aggregate welfare increases, so does wealth inequality. |
| 主题 | Macroeconomics ; Consumption and Investment ; Fiscal Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w21626 |
| 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/579301 |
| 推荐引用方式 GB/T 7714 | Vadim Elenev,Tim Landvoigt,Stijn Van Nieuwerburgh. Phasing Out the GSEs. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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。
