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Scale effects on efficiency and profitability in the Swiss banking sector
Blatter, Marc; Fuster, Andreas - In: Swiss journal of economics and statistics 158 (2022) 1, pp. 1-24
This paper analyzes efficiency and profitability in the Swiss banking sector over the period 1997-2019. We find strong … evidence for scale economies: for most banks in the sample, efficiency and profitability increase with bank size. Using an … instrumental variables strategy for a subset of geographically restrained banks, we find that the effect of size on efficiency and …
Persistent link: https://www.econbiz.de/10013269806
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The role of technology in mortgage lending
Fuster, Andreas; Plosser, Matthew; Schnabl, Philipp; … - 2018
suggest that technological innovation has improved the efficiency of financial intermediation in the U.S. mortgage market. …
Persistent link: https://www.econbiz.de/10011795430
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The rescue of Fannie Mae and Freddie Mac
Frame, W. Scott; Fuster, Andreas; Tracy, Joseph; … - 2015
We describe and evaluate the measures taken by the U.S. government to rescue Fannie Mae and Freddie Mac in September 2008. We begin by outlining the business model of these two firms and their role in the U.S. housing finance system. Our focus then turns to the sources of financial distress that...
Persistent link: https://www.econbiz.de/10011310200
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The sensitivity of housing demand to financing conditions: Evidence from a survey
Fuster, Andreas; Zafar, Basit - 2014
The sensitivity of housing demand to mortgage rates and available leverage is key to understanding the effect of monetary and macroprudential policies on the housing market. However, since there is generally no exogenous variation in these variables that is independent of confounding factors...
Persistent link: https://www.econbiz.de/10011340984
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The rescue of Fannie Mae and Freddie Mac
Frame, W. Scott; Fuster, Andreas; Tracy, Joseph; … - 2015
We describe and evaluate the measures taken by the U.S. government to rescue Fannie Mae and Freddie Mac in September 2008. We begin by outlining the business model of these two firms and their role in the U.S. housing finance system. Our focus then turns to the sources of financial distress that...
Persistent link: https://www.econbiz.de/10011341013
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Payment size, negative equity, and mortgage default
Fuster, Andreas; Willen, Paul S. - 2012
Surprisingly little is known about the importance of mortgage payment size for default, as efforts to measure the treatment effect of rate increases or loan modifi cations are confounded by borrower selection. We study a sample of hybrid adjustable-rate mortgages that have experienced large rate...
Persistent link: https://www.econbiz.de/10010333591
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Securitization and the fixed-rate mortgage
Fuster, Andreas; Vickery, James - 2013
Fixed-rate mortgages (FRMs) dominate the U.S. mortgage market, with important consequences for household risk management, monetary policy, and systemic risk. In this paper, we show that securitization is a key driver of FRM supply. Our analysis compares the agency and nonagency...
Persistent link: https://www.econbiz.de/10010333652
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Regional heterogeneity and monetary policy
Beraja, Martin; Fuster, Andreas; Hurst, Erik; Vavra, Joseph - 2017
We argue that the time-varying regional distribution of housing equity influences the aggregate consequences of monetary policy through its effects on mortgage refinancing. Using detailed loan-level data, we show that regional differences in housing equity affect refinancing and spending...
Persistent link: https://www.econbiz.de/10011636181
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The role of technology in mortgage lending
Fuster, Andreas; Plosser, Matthew; Schnabl, Philipp; … - 2018
suggest that technological innovation has improved the efficiency of financial intermediation in the U.S. mortgage market. …
Persistent link: https://www.econbiz.de/10011942781
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How do mortgage refinances affect debt, default, and spending? Evidence from HARP
Abel, Joshua; Fuster, Andreas - 2018
We use quasi-random access to the Home Affordable Refinance Program (HARP) to identify the causal effect of refinancing a mortgage on borrower balance sheet outcomes. We find that on average, refinancing into a lower-rate mortgage reduced borrowers' default rates on mortgages and nonmortgage...
Persistent link: https://www.econbiz.de/10011942786