全球智库信息集成服务系统(G2TT): Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26322
来源ID	Working Paper 26322
	Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters
	Amine Ouazad; Matthew E. Kahn
发表日期	2019-09-30
出版年	2019
语种	英语
摘要	Using the government-sponsored enterprises’ sharp securitization rules, this paper provides evidence that, in the aftermath of natural disasters, lenders are more likely to approve mortgages that can be securitized, thereby transferring climate risk. The identification strategy uses the GSEs’ time-varying conforming loan limits at which mortgages bunch. Natural disasters increase bunching, suggesting an increased option value of securitization. The increase is lower where flood insurance is required. A model identified using indirect inference simulates increasing disaster risk without GSEs. Mortgage credit supply would decline in flood zones and lenders would have a greater incentive to screen mortgages.
主题	Financial Economics ; Financial Institutions ; Environmental and Resource Economics ; Environment
URL	https://www.nber.org/papers/w26322
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/583994
推荐引用方式 GB/T 7714	Amine Ouazad,Matthew E. Kahn. Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters. 2019.

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
w26322.pdf（3971KB）	智库出版物		限制开放	CC BY-NC-SA	浏览