I empirically analyze how changes in access to housing collateral affect homeowner borrowing behavior. To isolate the … role of collateral constraints from that of wealth effects, I exploit the fully anticipated expiration of resale price … collateral that ranges between $0.04-$0.13 and is correlated with homeowners' initial leverage. Additional analysis of …

The paper constructs a model of optimal portfolio allocation that focuses on the role of housing as collateral, allows …

Collateral requirements play an important role in credit markets. This paper shows that the endowment effect … as collateral. Using a field experiment in Kenya, we show that borrowers instead strongly prefer loans collateralized … valued before ownership. Our findings imply that assets which are difficult to use as collateral--which cannot be financed by …

Collateral requirements play an important role in credit markets. This paper shows that the endowment effect … collateral. Using a field experiment in Kenya, we show that borrowers instead strongly prefer loans collateralized using the new … findings imply that assets which are difficult to use as collateral—which cannot be financed by SACLs—will be invested in less …