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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w22985 |
来源ID | Working Paper 22985 |
Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications | |
Christopher L. Foote; Lara Loewenstein; Paul S. Willen | |
发表日期 | 2016-12-26 |
出版年 | 2016 |
语种 | 英语 |
摘要 | The reallocation of mortgage debt to low-income or marginally qualified borrowers plays a central role in many explanations of the early 2000s housing boom. We show that such a reallocation never occurred, as the distribution of mortgage debt with respect to income changed little even as the aggregate stock of debt grew rapidly. Moreover, because mortgage debt varies positively with income in the cross section, equal percentage increases in debt among high- and low-income borrowers meant that wealthy borrowers accounted for most new debt in dollar terms. Previous research stressing the importance of low-income borrowing was based on the inflow of new mortgage originations alone, so it could not detect offsetting outflows in mortgage terminations that left the allocation of debt stable over time. And while defaults on subprime mortgages played an important part in the financial crisis, the data show that subprime lending did not cause a reallocation of debt toward the poor. Rather, subprime lending prevented a reallocation of debt toward the wealthy. |
主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Financial Economics ; Financial Institutions |
URL | https://www.nber.org/papers/w22985 |
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/580659 |
推荐引用方式 GB/T 7714 | Christopher L. Foote,Lara Loewenstein,Paul S. Willen. Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications. 2016. |
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 | ||
w22985.pdf(2989KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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