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Credit Booms and Lending Standards : : Evidence From the Subprime Mortgage Market / / Giovanni Dell'Ariccia, Luc Laeven, Deniz Igan



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Autore: Dell'Ariccia Giovanni Visualizza persona
Titolo: Credit Booms and Lending Standards : : Evidence From the Subprime Mortgage Market / / Giovanni Dell'Ariccia, Luc Laeven, Deniz Igan Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2008
Edizione: 1st ed.
Descrizione fisica: 1 online resource (39 p.)
Disciplina: 332.70973
Soggetto topico: Credit - United States
Credit - United States - Econometric models
Moral hazard - United States - Econometric models
Macroeconomics
Money and Monetary Policy
Real Estate
Industries: Financial Services
Banks
Depository Institutions
Micro Finance Institutions
Mortgages
Money Supply
Credit
Money Multipliers
Housing Supply and Markets
Personal Income, Wealth, and Their Distributions
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Finance
Property & real estate
Monetary economics
Loans
Housing prices
Personal income
Credit booms
Financial institutions
Prices
National accounts
Money
Housing
Income
Soggetto geografico: United States
Altri autori: LaevenLuc  
IganDeniz  
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: Contents; 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
5. 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
Sommario/riassunto: This 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.
Titolo autorizzato: Credit Booms and Lending Standards  Visualizza cluster
ISBN: 1-4623-0535-0
1-4527-9953-9
1-4518-6967-3
9786612840616
1-282-84061-4
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910807167003321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2008/106