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Surprisingly little is known about the importance of mortgage payment size for default, as efforts to measure the treatment effect of rate increases or loan modifications are confounded by borrower selection. We study a sample of hybrid adjustable-rate mortgages that have experienced large rate...
Persistent link: https://www.econbiz.de/10009684239
Surprisingly little is known about the importance of mortgage payment size for default, as efforts to measure the treatment effect of rate increases or loan modifications are confounded by borrower selection. We study a sample of hybrid adjustable-rate mortgages that have experienced large rate...
Persistent link: https://www.econbiz.de/10012459316
This paper studies the sources of suboptimal allocations observed in credit card repayments using a diagnostic laboratory experiment. Using a series of treatments, we present two main findings. First, suboptimal allocations persist in extremely simple choice environments. Particularly, neither...
Persistent link: https://www.econbiz.de/10012848370
A significant proportion of credit card users persistently make low repayments on their debt. This paper tests whether a financial tool known as Prize Linked Debt (PLD) can increase credit card debt repayments amongst borrowers who repay the minimum, using an online experiment. PLD entails a...
Persistent link: https://www.econbiz.de/10012829945
We study the causal effect of mortgage rate changes on consumer spending, debt repayment, and defaults during an expansionary and a contractionary monetary policy episode in Canada. Our identification takes advantage of the fact that the interest rates of short-term fixed-rate mortgages (the...
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