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The role of securitization in mortgage renegotiation

Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2011

% of the U.S. mortgage market. Exploiting within-servicer variation in these data, we find that bank-held loans are 26% to …

Persistent link: https://www.econbiz.de/10010292147

Market-Based loss mitigation practices for troubled mortgages following the financial crisis

Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2010

The meltdown in residential real-estate prices that commenced in 2006 resulted in unprecedented mortgage delinquency … following modifications. While modification terms are more favorable for weaker borrowers, greater reductions in mortgage … point decline in mortgage interest rate is associated with a nearly 4 percentage point decline in default probability. This …

Persistent link: https://www.econbiz.de/10010292190

The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data

Agarwal, Sumit; Liu, Chunlin; Souleles, Nicholas S. - 2007

We use a new panel dataset of credit card accounts to analyze how consumers responded to the 2001 federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that on average...

Persistent link: https://www.econbiz.de/10010292101

Perverse incentives at the banks? Evidence from a natural experiment

Agarwal, Sumit; Wang, Faye H. - 2009

Incentive provision is a central question in modern economic theory. During the run up to the financial crisis, many banks attempted to encourage loan underwriting by giving out incentive packages to loan officers. Using a unique data set on small business loan officer compensation from a major...

Persistent link: https://www.econbiz.de/10010292113

Why do banks reward their customers to use their credit cards?

Agarwal, Sumit; Chakravorti, Sujit; Lunn, Anna - 2010

Using a unique administrative level dataset from a large and diverse U.S. financial institution, we test the impact of rewards on credit card spending and debt. Specifically, we study the impact of cash-back rewards on individuals before and during their enrollment in the program. We find that...

Persistent link: https://www.econbiz.de/10010292197

Optimum Taxation of Life Annuities

Brunner, Johann K.; Pech, Susanne - 2005

The market for private life annuities is characterised by adverse selection, that is, contracts offer lower than fair payoffs to individuals with low life expectancy. Moreover, life expectancy and income have been found to be positively correlated. The paper shows that a linear tax on annuity...

Persistent link: https://www.econbiz.de/10010294600

Managing investment risks of institutional private equity investors: The challenge of illiquidity

Kaserer, Christoph; Wagner, Niklas; Achleitner, Ann-Kristin - 2003

Since private equity investments are not publicly traded, a key issue in measuring investment risks of institutional private equity investors arises from a careful measurement of investment returns in the first place. Prices of private equity investments are typically observed at low frequency...

Persistent link: https://www.econbiz.de/10010305809

California Banking in the Nineteenth Century: The Art and Method of the Bank of A. Levy

White, Eugene - 1999

An 1890s loan book of the Bank A. Levy permits a detailed examination of the lending operations of a private bank in California during the National Banking Era (1864-1914). This period has been intensively analyzed at the macroeconomic level, but there are few microeconomic studies of banks....

Persistent link: https://www.econbiz.de/10010334296

Financing the capital development of the economy: A Keynes-Schumpeter-Minsky synthesis

Mazzucato, Mariana; Wray, Larry Randall - 2015

This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United Kingdom. We define both "finance" and "capital development" very broadly. We begin with the observation that...

Persistent link: https://www.econbiz.de/10011545297

The New Basel Accord: Implications of the Co-existence between the Standardized Approach and the Internal Ratings-based Approach

Rime, Bertrand - 2003

competition is more intense. …

Persistent link: https://www.econbiz.de/10011430044

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