Avanzini, Diego; Martínez, Juan Francisco; Pérez, Víctor - In: Latin American journal of central banking : LAJCB 1 (2020) 1/4, pp. 1-18
well-known model of mortgage default for nonrecourse economies (Geanakoplos and Zame, 2014), adding a nonpecuniary cost for … model, we obtain an analytical expression involving default determinants for micro and macro mortgage loans. As a case study … account for an important part of the cross-sectional probability of mortgage default. …