G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w29527
来源IDWorking 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
URLhttps://www.nber.org/papers/w29527
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/587201
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GB/T 7714
Benjamin L. Collier,Cameron Ellis,Benjamin J. Keys. The Cost of Consumer Collateral: Evidence from Bunching. 2021.
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