全球智库信息集成服务系统(G2TT): Liquidity vs. Wealth in Household Debt Obligations: Evidence from Housing Policy in the Great Recession

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来源类型	Working Paper
规范类型	报告
DOI	10.3386/w24964
来源ID	Working Paper 24964
	Liquidity vs. Wealth in Household Debt Obligations: Evidence from Housing Policy in the Great Recession
	Peter Ganong; Pascal Noel
发表日期	2018-09-03
出版年	2018
语种	英语
摘要	We use variation in mortgage modifications to disentangle the impact of reducing long-term obligations with no change in short-term payments (“wealth”), and reducing short-term payments with approximately no change in long-term obligations (“liquidity”). Using regression discontinuity and difference-in-differences research designs with administrative data measuring default and consumption, we find that principal reductions that increase housing wealth without affecting liquidity have no effect, while maturity extensions that increase only liquidity have large effects. Our results suggest that liquidity drives borrower default and consumption decisions, and that distressed debt restructurings can be redesigned with substantial gains to borrowers, lenders, and taxpayers.
主题	Microeconomics ; Households and Firms ; Financial Economics ; Financial Institutions ; Regional and Urban Economics
URL	https://www.nber.org/papers/w24964
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/582638
推荐引用方式 GB/T 7714	Peter Ganong,Pascal Noel. Liquidity vs. Wealth in Household Debt Obligations: Evidence from Housing Policy in the Great Recession. 2018.

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
w24964.pdf（1454KB）	智库出版物		限制开放	CC BY-NC-SA	浏览