In their pioneering work, Musto and Souleles (Journal of Monetary Economics 53(1):59–84, <CitationRef CitationID="CR19">2006</CitationRef>) apply portfolio theory to consumer lending. This paper extends their work by analyzing three county-level credit outcome betas. We use the probability of default calibrated from the credit score, the...</citationref>

This study analyzes the effects of state bankruptcy asset exemptions and foreclosure laws on mortgage default and foreclosure rates across different segments of the mortgage market. We found that the effects of these legal provisions are larger for subprime than for prime mortgages and larger...

The increase in oil prices in recent years has occurred concurrently with a rapid expansion of Chinese exports in the world markets, despite China being an oil importing country. In this paper we develop a theoretical model that explains the positive correlation between Chinese exports and the...