| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21630 |
| 来源ID | Working Paper 21630 |
| Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default | |
| Kristopher Gerardi; Kyle F. Herkenhoff; Lee E. Ohanian; Paul S. Willen | |
| 发表日期 | 2015-10-12 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper exploits matched data from the PSID on borrower mortgages with income and demographic data to quantify the relative importance of negative equity, versus lack of ability to pay, as affecting default between 2009 and 2013. These data allow us to construct household budgets sets that provide better measures of ability to pay. We use instrumental variables to quantify the impact of ability to pay, including job loss and disability, versus negative equity. Changes in ability to pay have the largest estimated effects. Job loss has an equivalent effect on default likelihood as a 35 percent decline in equity. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w21630 |
| 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/579305 |
| 推荐引用方式 GB/T 7714 | Kristopher Gerardi,Kyle F. Herkenhoff,Lee E. Ohanian,et al. Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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