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The impact of the home valuation code of conduct on appraisal and mortgage outcomes
Ding, Lei; Nakamura, Leonard I. - Federal Reserve Bank of Philadelphia - 2014
During the housing crisis, it came to be recognized that inflated home mortgage appraisals were widespread during the … adopt the Home Valuation Code of Conduct (HVCC). Using unique data sets that contain both approved and nonapproved mortgage … applications, this study provides an empirical examination of the impact of the HVCC on appraisal and mortgage outcomes. The …
Persistent link: https://www.econbiz.de/10010930298
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An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases
Kandrac, John; Schlusche, Bernd - Federal Reserve Board (Board of Governors of the … - 2015
In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal … the Federal Reserve's first MBS purchase program, demonstrating that this channel conveyed savings on monthly mortgage …
Persistent link: https://www.econbiz.de/10011273692
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Housing Finance in Canada: Looking Back to Move Forward
Schembri, Lawrence L. - In: National Institute Economic Review 230 (2014) 1, pp. 45-45
targeted government guarantees of mortgage insurance and securitisation products. In the post-crisis period, household debt … recovery. These vulnerabilities were mitigated by tightening macroprudential policy, specifically mortgage insurance rules, and … strengthening mortgage-underwriting standards. Looking ahead, the housing finance framework needs to be adjusted and strengthened by …
Persistent link: https://www.econbiz.de/10010961349
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Essays on Credit Markets and Banking
Holmberg, Ulf - Institutionen för Nationalekonomi, Umeå Universitet - 2012
This thesis consists of four self-contained papers related to banking, credit markets and financial stability. Paper [I] presents a credit market model and finds, using an agent based modeling approach, that credit crunches have a tendency to occur; even when credit markets are almost entirely...
Persistent link: https://www.econbiz.de/10010538873
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An intertemporal capital asset pricing model with bank credit growth as a state variable
Hammami, Yacine; Lindahl, Anna - In: Journal of Banking & Finance 39 (2014) C, pp. 14-28
An ICAPM which includes bank credit growth as a state variable explains 94% of the cross-sectional variation in the average returns on the 25 Fama–French portfolios. We find compelling evidence that bank credit growth is priced in the cross-section of expected stock returns, even after...
Persistent link: https://www.econbiz.de/10010730416
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¿Por que los niños abandonan la escuela? Determinantes de la desercion estudiantil en los colegios oficiales de Cartagena de Indias
Alvis, Jorge; Arellano, William - UNIVERSIDAD TECNOLÓGICA DE BOLÍVAR - 2009
El estudio analiza los factores asociados a la desercion escolar en el distrito de Cartagena y dos estudios de caso correspondientes a las instituciones educativas San Felipe Neri y Tecnica Agropecuaria La Boquilla. Se incluyen variables de análisis relacionadas con las caracteristicas...
Persistent link: https://www.econbiz.de/10004967902
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Argentina’s Economic and Financial Map: A Geo-referenced System of Financial Services Market, Demand and Supply Indicators at the Local Level.
Blanco, Emilio; Denes, Andrés; Repetto, Gastón - Banco Central de la República Argentina - 2012
Economist usually think and work taking into account the temporal dimension of economic and financial processes. Time plays a key role in the economic decision making process and is a fundamental input for statistical models useful to analyze and predict social behavior. Thus time invades our...
Persistent link: https://www.econbiz.de/10010849679
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Housing market bubbles and business cycles in an agent-based credit economy
Erlingsson, Einar Jon; Teglio, Andrea; Cincotti, Silvano; … - In: Economics - The Open-Access, Open-Assessment E-Journal 8 (2014), pp. 1-42
This paper investigates the housing and mortgage markets by means of an agent-based macroeconomic model of a credit … households' creditworthiness conditions required by banks in order to grant a mortgage. Results show that easier access to credit …
Persistent link: https://www.econbiz.de/10010954773
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Housing market bubbles and business cycles in an agent-based credit economy
Erlingsson, Einar Jon; Cincotti, Silvano; Stefansson, Hlynur - Institut für Weltwirtschaft (IfW) - 2013
conditions required by the banking system to grant a mortgage. The authors find that easier access to credit inflates housing …
Persistent link: https://www.econbiz.de/10010956096
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Do LTV and DSTI caps make banks more resilient?
Dietsch, M.; Welter-Nicol, C. - Banque de France - 2014
This study provides responses to the question of the effectiveness of Loan-To-Value (LTV) and Debt Service-To-Income (DSTI) caps to contribute to financial stability. Using a lender’s risk management perspective, the paper provides a new methodology extending the standard asymptotic single...
Persistent link: https://www.econbiz.de/10010929761