Mamonov, Mikhail; Pestova, Anna - 2021
study the effects of positive and negative credit supply (CS) shocks on subsequent household defaults on debt over the last … lead to greater household defaults in the future if they also increase mortgage-to-income ratios. We show that the CS shock …-induced (i) shifts of employment between the tradable and non-tradable sectors, (ii) changes in household income and (iii) in …