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The federal mortgage policy, the conforming loan limit (CLL), was spatially uniform before the recent financial crisis, despite heterogeneity across geography. An increased CLL leads to remarkable regional variation in declines in jumbo loan applications, exogenously increasing jumbo-lending...
Persistent link: https://www.econbiz.de/10012853536
In the context of wide regional disparities emerging in the process of development, the banks have an additional responsibility in India. That responsibility is to enter the under developed regions and to mobilize and channelize resources into local economic activities such that local...
Persistent link: https://www.econbiz.de/10013131082
This article focuses on financial regulation and argues that the use of financial regulation to try to prevent bubbles is a mistake — a fool's errand. Bubbles are easy to identify after the fact but much harder (or impossible) to identify beforehand. In the absence of (the near impossible)...
Persistent link: https://www.econbiz.de/10013083285
From a broad macro-financial structure perspective, overly easy credit conditions gave rise to house price booms and busts in several advanced economies (e.g., Ireland, Spain, and the U.S.), and, more specifically in the U.S., an underpricing of risk made possible by regulatory arbitrage and...
Persistent link: https://www.econbiz.de/10011509124
Together with a handful of countries at the global level, a number of economies in the Andean region stand out by their innovative and rapid advances in the design and implementation of macroprudential financial regulations, that is, regulations that take into account financial risks generated...
Persistent link: https://www.econbiz.de/10013084863
The banking panic that began in 2008 in the United States quickly had effects on the money market in Mexico. The article describes the main events within the paradigm of the banking panic. The development of substitutes of money in Mexico parallels the phenomenon in the United States. Although...
Persistent link: https://www.econbiz.de/10013160327
Globalization scholars have long-debated to what extent economic integration, and specifically, mobile private capital constrains national policymaking. With Western capital reeling from the 2008 financial crisis, state-owned capital made inroads globally. China, as the world's largest saver,...
Persistent link: https://www.econbiz.de/10013005409
We examine the factors that determine the likelihood of borrowers using non-traditional mortgages (NTMs) prior to the Great Recession. Borrower choice depends on borrower characteristics such as income, levels of asset holdings, credit score and age and on market factors such as house price...
Persistent link: https://www.econbiz.de/10013246346
Although the world of banking and finance is becoming more integrated every day, in most aspects the world of financial regulation continues to be narrowly defined by national boundaries. The main players here are still national governments and governmental agencies. And until recently, they...
Persistent link: https://www.econbiz.de/10010316289
We propose a spatial competition model to study banks' strategic responses to the asymmetric Spanish geographic deregulation process. We find that once the geographic deregulation process finishes, inter-regional mergers between savings banks are optimal whenever the economies of scale...
Persistent link: https://www.econbiz.de/10010317061