LEADER 06750oam 22014414 450 001 9910957187703321 005 20250426110057.0 010 $a9786612843006 010 $a9781462308354 010 $a146230835X 010 $a9781451987270 010 $a1451987277 010 $a9781451872262 010 $a1451872267 010 $a9781282843004 010 $a1282843001 035 $a(CKB)3170000000055243 035 $a(SSID)ssj0000940797 035 $a(PQKBManifestationID)11967051 035 $a(PQKBTitleCode)TC0000940797 035 $a(PQKBWorkID)10955751 035 $a(PQKB)10753356 035 $a(OCoLC)550641065 035 $a(IMF)WPIEE2009079 035 $a(MiAaPQ)EBC1605898 035 $a(IMF)WPIEA2009079 035 $aWPIEA2009079 035 $a(EXLCZ)993170000000055243 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aExposure to Real Estate Losses : $eEvidence from the US Banks /$fMarcelo Pinheiro, Deniz Igan 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a33 p 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 08$a9781451916614 311 08$a1451916612 320 $aIncludes bibliographical references. 327 $aIntro -- Contents -- I. Introduction -- II. Related Literature -- III. Empirical Approach -- A. Modeling the Determinants of Delinquencies -- B. Stress Testing -- C. Determinants of Vulnerability -- IV. Data -- V. Results -- A. What Leads to Delinquencies? -- B. Can the Banking Sector Survive an Economic Downturn? -- C. Who are the Vulnerable Banks? -- D. What is the Likely Impact of Recent Regulations? -- VI. Conclusion -- References -- Tables -- 1. Definition and Source of Variables -- 2. Summary Statistics -- 3. VEC Estimation Results: Delinquency rate on real estate loans -- 4. VEC Estimation Results: Delinquency rate on residential real estate loans -- 5. VEC Estimation Results: Delinquency rate on commercial real estate loans -- 6. Summary Statistics by Vulnerability -- 7. Characteristics of Vulnerable Banks: Cross-Section Analysis -- 8. Characteristics of Vulnerable Banks: Panel Data Analysis -- 9. Most Vulnerable Banks: Distribution by State -- Figures -- 1. Business, Credit, and Real Estate Cycles, 1976-2006 -- 2. Share of All Real Estate-Related Loans in Banks' Portfolio, 1960-2006 -- 3. Share of Real Estate Loans in Banks' Portfolio, 1996-2006 -- 4. Real Estate Price Indices, 1984-2006 -- 5. Real Estate Exposure: Median Bank, 2000-2006 -- 6. Delinquency Rate, 1991-2006 -- 7. Response of Delinquency Rate on Real Estate Loans to Major Determinants -- 8. Response of Delinquency Rate on Residential Real Estate Loans to Major Determinants -- 9. Response of Delinquency Rate on Commercial Real Estate Loans to Major Determinants -- 10. Bank Vulnerability and House Price Appreciation between 2000 and 2006. 330 3 $aWe implement a three-step procedure to assess the extent of exposure to real estate in commercial banks. First, we demonstrate interest rates and income to be the major determinants of delinquency. Then, we adopt a stress testing approach to calculate the impact of any adverse changes in these determinants. This suggests that a 1.3 percentage point increase in mortgage interest rate leads to a 20 percent decrease in a typical bank's distance to default. Finally, we look at the cross-sectional differences and indentify the banks with rapid loan growth along with high cost-income ratio as the most vulnerable. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/079 606 $aReal estate investment$zUnited States 606 $aReal property$zUnited States 606 $aBank credit$2imf 606 $aBanking$2imf 606 $aBanks and Banking$2imf 606 $aBanks and banking$2imf 606 $aBanks$2imf 606 $aBusiness Fluctuations$2imf 606 $aCredit$2imf 606 $aCycles$2imf 606 $aDepository Institutions$2imf 606 $aFinance$2imf 606 $aFinancial institutions$2imf 606 $aHousehold Behavior: General$2imf 606 $aHousing$2imf 606 $aIncome$2imf 606 $aIndustries: Financial Services$2imf 606 $aLoans$2imf 606 $aMacroeconomics$2imf 606 $aMicro Finance Institutions$2imf 606 $aMonetary economics$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMoney$2imf 606 $aMortgages$2imf 606 $aNational accounts$2imf 606 $aNonagricultural and Nonresidential Real Estate Markets$2imf 606 $aPersonal income$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aPrices$2imf 606 $aProperty & real estate$2imf 606 $aReal Estate Markets, Spatial Production Analysis, and Firm Location: General$2imf 606 $aReal estate prices$2imf 606 $aReal Estate$2imf 607 $aUnited States$2imf 615 0$aReal estate investment 615 0$aReal property 615 7$aBank credit 615 7$aBanking 615 7$aBanks and Banking 615 7$aBanks and banking 615 7$aBanks 615 7$aBusiness Fluctuations 615 7$aCredit 615 7$aCycles 615 7$aDepository Institutions 615 7$aFinance 615 7$aFinancial institutions 615 7$aHousehold Behavior: General 615 7$aHousing 615 7$aIncome 615 7$aIndustries: Financial Services 615 7$aLoans 615 7$aMacroeconomics 615 7$aMicro Finance Institutions 615 7$aMonetary economics 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMoney and Monetary Policy 615 7$aMoney 615 7$aMortgages 615 7$aNational accounts 615 7$aNonagricultural and Nonresidential Real Estate Markets 615 7$aPersonal income 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aPrices 615 7$aProperty & real estate 615 7$aReal Estate Markets, Spatial Production Analysis, and Firm Location: General 615 7$aReal estate prices 615 7$aReal Estate 676 $a332.1 700 $aPinheiro$b Marcelo$01815704 701 $aIgan$b Deniz$01099130 801 0$bDcWaIMF 906 $aBOOK 912 $a9910957187703321 996 $aExposure to Real Estate Losses$94371221 997 $aUNINA