promulgated by China's government for the real estate market. The market is resulted in full of speculative behaviors, and has …

model in terms of overall goodness of fit. In particular, the presence of housing collateral generates a positive … correlation between consumption and house prices. Finally we find that housing collateral induced spillovers account for a large …

An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit … incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information … technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are …

Collateral is a widely used, but not well understood, debt-contracting feature. Two broad strands of theoretical … literature explain collateral as arising from the existence of either ex ante private information or ex post incentive problems … ex post theories of collateral are empirically dominant although the ex ante theories are also valid for customers with …

for all participating nations which is Pareto improving. Since collateral requirements are calculated on individual risk …

decouple across secured and unsecured markets following an adverse shock to credit risk. The scarcity of underlying collateral …

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious …

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious …

the U.S. We then establish the quantitative result that home equity does not serve as informal collateral for unsecured …