| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29527 |
| 来源ID | Working Paper 29527 |
| The Cost of Consumer Collateral: Evidence from Bunching | |
| Benjamin L. Collier; Cameron Ellis; Benjamin J. Keys | |
| 发表日期 | 2021-11-29 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We show that borrowers are highly sensitive to the requirement of posting their homes as collateral. Using administrative loan application and performance data from the U.S. Federal Disaster Loan Program, we exploit a loan amount threshold above which households must post their residence as collateral. One-third of all borrowers select the maximum uncollateralized loan amount, and our bunching estimates suggest that the median borrower is willing to give up 40% of their loan amount to avoid collateral. Exploiting time variation in the loan amount threshold, we find that collateral causally reduces default rates by 35%. Our results help to explain high perceived default costs in the mortgage market, and uniquely quantify the extent to which collateral reduces moral hazard in consumer credit markets. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w29527 |
| 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/587201 |
| 推荐引用方式 GB/T 7714 | Benjamin L. Collier,Cameron Ellis,Benjamin J. Keys. The Cost of Consumer Collateral: Evidence from Bunching. 2021. |
| 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 | ||
| w29527.pdf（1181KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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