, individuals cannot commit to the use of collateral as a guarantee of repayment, and both lenders and borrowers have incentives to … macroeconomic models. We provide an explanation to the question of why assets are often used as collateral, rather than simply as a … collateral. …

, individuals cannot commit to the use of collateral as a guarantee of repayment, and both lenders and borrowers have incentives to … macroeconomic models. We provide an explanation to the question of why assets are often used as collateral, rather than simply as a … collateral. …

, individuals cannot commit to the use of collateral as a guarantee of repayment, and both lenders and borrowers have incentives to … macroeconomic models. We provide an explanation to the question of why assets are often used as collateral, rather than simply as a … collateral. …

, collateral values, and debt limits. We show that the collateral premium of a durable asset will become the lowest right before a …

, collateral values, and debt limits. We show that the collateral premium of a durable asset will become the lowest right before a …

, collateral values, and debt limits. We show that the collateral premium of a durable asset will become the lowest right before a …

, collateral values, and debt limits. We show that the collateral premium of a durable asset will become the lowest right before a …

, individuals cannot commit to the use of collateral as a guarantee of repayment, and both lenders and borrowers have incentives to … macroeconomic models. We provide an explanation to the question of why assets are often used as collateral, rather than simply as a … collateral …

, individuals cannot commit to the use of collateral as a guarantee of repayment, and both lenders and borrowers have incentives to … macroeconomic models. We provide an explanation to the question of why assets are often used as collateral, rather than simply as a … collateral …

, individuals cannot commit to the use of collateral as a guarantee of repayment, and both lenders and borrowers have incentives to … macroeconomic models. We provide an explanation to the question of why assets are often used as collateral, rather than simply as a … collateral …