Kishimoto, Naoki; Kim, Yong-Jin - In: Japan and the World Economy 30 (2014) C, pp. 1-9
. Second, long-term refinance rates did not fall well below the contract rates of most mortgages in our sample during the ten …-year period, while short-term refinance rates did. With this interest rate relationship, if mortgagors ever refinanced, it was …