| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23740 |
| 来源ID | Working Paper 23740 |
| Credit Growth and the Financial Crisis: A New Narrative | |
| Stefania Albanesi; Giacomo De Giorgi; Jaromir Nosal | |
| 发表日期 | 2017-08-28 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | A broadly accepted view contends that the 2007-09 financial crisis in the U.S. was caused by an expansion in the supply of credit to subprime borrowers during the 2001- 2006 credit boom, leading to the spike in defaults and foreclosures that sparked the crisis. We use a large administrative panel of credit file data to examine the evolution of household debt and defaults between 1999 and 2013. Our findings suggest an alternative narrative that challenges the large role of subprime credit in the crisis. We show that credit growth between 2001 and 2007 was concentrated in the prime segment, and debt to high risk borrowers was virtually constant for all debt categories during this period. The rise in mortgage defaults during the crisis was concentrated in the middle of the credit score distribution, and mostly attributable to real estate investors. We argue that previous analyses confounded life cycle debt demand of borrowers who were young at the start of the boom with an expansion in credit supply over that period. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w23740 |
| 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/581413 |
| 推荐引用方式 GB/T 7714 | Stefania Albanesi,Giacomo De Giorgi,Jaromir Nosal. Credit Growth and the Financial Crisis: A New Narrative. 2017. |
| 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 | ||
| w23740.pdf（1991KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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