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Collateral Valuation and Borrower Financial Constraints : Evidence from the Residential Real Estate Market
Agarwal, Sumit - 2013
Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...
Persistent link: https://www.econbiz.de/10013073558
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Collateral Damage : The Impact of Foreclosures on New Home Mortgage Lending in the 1930s
Fishback, Price V. - 2018
Foreclosures led to severe disruptions in home mortgage lending during the recent Great Recession and the Great … functions. We measure the impact of foreclosures on new mortgage lending using a panel of all B&Ls in 4 states. The foreclosure … overhang explains about 30 percent of the drop in new mortgage lending by B&Ls as the housing crisis intensified between 1930 …
Persistent link: https://www.econbiz.de/10012908157
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Housing Collateral, Credit Constraints and Entrepreneurship - Evidence from a Mortgage Reform
Jensen, Thais - 2014
We study how a mortgage reform that exogenously increased access to credit had an impact on entrepreneurship, using …
Persistent link: https://www.econbiz.de/10013045578
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Mortgage Market Credit Conditions and U.S. Presidential Elections
Antoniades, Alexis - 2018
Voters punish incumbent Presidential candidates for contractions in the local (county-level) supply of mortgage credit … during market-wide contractions of credit, but they do not reward them for expansions in mortgage credit supply in boom times …. Our primary focus is the Presidential election of 2008, which followed an unprecedented swing from very generous mortgage …
Persistent link: https://www.econbiz.de/10012922978
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Qualitative Easing : How it Works and Why it Matters
Farmer, Roger E. A. - 2012
This paper is about the effectiveness of qualitative easing; a government policy that is designed to mitigate risk through central bank purchases of privately held risky assets and their replacement by government debt, with a return that is guaranteed by the taxpayer. Policies of this kind have...
Persistent link: https://www.econbiz.de/10013100135
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Bank Capital Regulation in General Equilibrium
Gorton, Gary B. - 2008
We study whether the socially optimal level of stability of the banking system can be implemented with regulatory capital requirements in a multi-period general equilibrium model of banking. We show that: (i) bank capital is costly because of the unique liquidity services provided by demand...
Persistent link: https://www.econbiz.de/10012774995
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An Adverse Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy
Stein, Jeremy C. - 2008
This paper develops a model of bank asset and liability management, based on the idea that information problems make it difficult for banks to raise funds with instruments other than insured deposits. The model can be used to address the question of how monetary policy works. One effect it...
Persistent link: https://www.econbiz.de/10012774999
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Bank Panics and the Endogeneity of Central Banking
Gorton, Gary B. - 2002
Central banking is intimately related to liquidity provision to banks during times of crisis, the lender-of-last-resort function. This activity arose endogenously in certain banking systems. Depositors lack full information about the value of bank assets so that during macroeconomic downturns...
Persistent link: https://www.econbiz.de/10012787128
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Beyond the Balance Sheet Model of Banking : Implications for Bank Regulation and Monetary Policy
Buchak, Greg - 2018
adjustment that are usually absent from this view using microdata in the $10 trillion U.S. residential mortgage market. We first …
Persistent link: https://www.econbiz.de/10012909515
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How Well Do Banks Manage Their Reserves?
Jallath-Coria, Eduardo - 2010
In this paper we investigate how well banks manage their reserves. The optimal policy takes into account expected foregone interest on excess reserves and penalty costs for going below required reserves. Using a unique panel data-set on daily clearing house settlements of a cross-section of...
Persistent link: https://www.econbiz.de/10012762885