An expansion in mortgage credit to subprime borrowers is widely believed to have been a principal driver of the 2002-06 U.S. house price boom. Contrary to this belief, we show that the house price and subprime booms occurred in different places. Counties with the largest home price appreciation...

En este trabajo se examinan los prestamos efectuados por un cartel genoves a Felipe II de España (1556-1598) bajo la perspectiva de la teoria de la deuda soberana. Se concluye que un tipo de modelos, en los que se supone que los prestamistas tienen un instrumento de penalizacion adicional al...

La naturaleza de la interaccion repetida ha sido estudiada extensamente en la literatura de juegos repetidos. Abreu (1988), Abreu, Pearce y Stacchetti (1986, 1990) y Cronshaw y Luenberger (1994) desarrollan un enfoque recursivo para caracterizar juegos repetidos centrandose en los valores...

This study explores the impact of investment characteristics, mainly investment location relative to the firm's primary market, on financing choices by real estate investment trusts (REITs). Using a large sample of commercial property acquisitions, we show that REITs are 4-8% less likely to use...

In mortgage debt contracts, real property serves as collateral and the terms of mortgage financing are largely conditional on the certification of collateral value by appraisers. However, overstatement of collateral value is common in the appraisal industry, causing troubles in the mortgage...