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granted to distant borrowers by both bank and non-bank lenders are more likely to default. Our results contribute to the …
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easing the access to the mortgage market); (f) The interest rate subsidy only has the latter effect; and (g) Compared to the … of housing downpayment and interest rate subsidies on the access to and the stability of the mortgage market. Our … analysis unveils a number of relevant policy lessons for the design of housing subsidy programs, namely: (a) Under fiscal …
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