LEADER 05849oam 22013094 450 001 9910807167003321 005 20240402050149.0 010 $a1-4623-0535-0 010 $a1-4527-9953-9 010 $a1-4518-6967-3 010 $a9786612840616 010 $a1-282-84061-4 035 $a(CKB)3170000000055015 035 $a(EBL)1607851 035 $a(SSID)ssj0000944006 035 $a(PQKBManifestationID)11501262 035 $a(PQKBTitleCode)TC0000944006 035 $a(PQKBWorkID)10982725 035 $a(PQKB)11579526 035 $a(OCoLC)815741252 035 $a(IMF)WPIEE2008106 035 $a(MiAaPQ)EBC1607851 035 $a(EXLCZ)993170000000055015 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCredit Booms and Lending Standards : $eEvidence From the Subprime Mortgage Market /$fGiovanni Dell'Ariccia, Luc Laeven, Deniz Igan 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (39 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/106 300 $aDescription based upon print version of record. 311 $a1-4519-1421-0 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Related Literature; III. Data and Descriptive Statistics; IV. Empirical Methodology; V. Empirical Findings; A. Effects of Changes in the Pool of Applicant Borrowers; B. Identification and Robustness Issues; C. Sensitivity Analysis: Time and Size Effects; D. Effects of Entry and Changes in Market Structure; E. Alternative Proxies for Lending Standards; F. Effects of Loan Sales; VI. Discussion and Conclusions; References; Tables; 1. Coverage in HMDA; 2. Definitions and Sources of Variables; 3. Summary Statistics; 4. Evolution of Denial Rates 327 $a5. Determinants of Denial Decision6. Prediction Errors; 7. Robustness; 8. Time and Size Effects; 9. Market and Boom Size; 10. Market Entry and Denial Rates of Incumbents in Prime and Subprime Markets; 11. Alternative Measures of Lending Standards; 12. Securitization, Lending Standards, and Mortgage Market Expansion; Figures; 1. House Prices and Credit Booms; 2. Subprime Mortgage Boom Across the Nation; 3. House Prices and Credit Boom; 4. Lending Standards and Subprime Credit Boom 330 3 $aThis paper links the current sub-prime mortgage crisis to a decline in lending standards associated with the rapid expansion of this market. We show that lending standards declined more in areas that experienced larger credit booms and house price increases. We also find that the underlying market structure mattered, with entry of new, large lenders triggering declines in lending standards by incumbent banks. Finally, lending standards declined more in areas with higher mortgage securitization rates. The results are consistent with theoretical predictions from recent financial accelerator models based on asymmetric information, and shed light on the relationship between credit booms and financial instability. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/106 606 $aCredit$zUnited States 606 $aCredit$zUnited States$xEconometric models 606 $aMoral hazard$zUnited States$xEconometric models 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aReal Estate$2imf 606 $aIndustries: Financial Services$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aMoney Supply$2imf 606 $aCredit$2imf 606 $aMoney Multipliers$2imf 606 $aHousing Supply and Markets$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFinance$2imf 606 $aProperty & real estate$2imf 606 $aMonetary economics$2imf 606 $aLoans$2imf 606 $aHousing prices$2imf 606 $aPersonal income$2imf 606 $aCredit booms$2imf 606 $aFinancial institutions$2imf 606 $aPrices$2imf 606 $aNational accounts$2imf 606 $aMoney$2imf 606 $aHousing$2imf 606 $aIncome$2imf 607 $aUnited States$2imf 615 0$aCredit 615 0$aCredit$xEconometric models. 615 0$aMoral hazard$xEconometric models. 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aReal Estate 615 7$aIndustries: Financial Services 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aMoney Supply 615 7$aCredit 615 7$aMoney Multipliers 615 7$aHousing Supply and Markets 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFinance 615 7$aProperty & real estate 615 7$aMonetary economics 615 7$aLoans 615 7$aHousing prices 615 7$aPersonal income 615 7$aCredit booms 615 7$aFinancial institutions 615 7$aPrices 615 7$aNational accounts 615 7$aMoney 615 7$aHousing 615 7$aIncome 676 $a332.70973 700 $aDell'Ariccia$b Giovanni$0283573 701 $aLaeven$b Luc$01593549 701 $aIgan$b Deniz$01099130 801 0$bDcWaIMF 906 $aBOOK 912 $a9910807167003321 996 $aCredit Booms and Lending Standards$94114019 997 $aUNINA