Economics of the mortgage market: perspectives on household decision making
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Oxford [u.a.]
Blackwell
2004
|
| Edition: | 1. publ. |
| Series: | Real estate issues
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 258 S. graph. Darst. |
| ISBN: | 1405114614 |
Staff View
MARC
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| 100 | 1 | |a Leece, David |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Economics of the mortgage market |b perspectives on household decision making |c David Leece |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Oxford [u.a.] |b Blackwell |c 2004 | |
| 300 | |a XII, 258 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 490 | 0 | |a Real estate issues | |
| 650 | 4 | |a Hypothèques | |
| 650 | 4 | |a Logement - Finances | |
| 650 | 4 | |a Prêts hypothécaires | |
| 650 | 4 | |a Mortgage loans | |
| 650 | 4 | |a Mortgages | |
| 650 | 4 | |a Housing / Finance | |
| 650 | 0 | 7 | |a Hypothekengeschäft |0 (DE-588)4161149-4 |2 gnd |9 rswk-swf |
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Record in the Search Index
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|---|---|
| adam_text | Contents
Preface
xi
Acknowledgements
xiii
1
An Introduction to Mortgage Market Economics
1
General background
1
The different mortgage markets
3
The secondary mortgage market
14
Why study household behaviour? The rationale of this book
18
The structure of the book
21
Reading the book
24
Summary and conclusions
25
Guide to further reading
26
2
The Demand for Mortgage Finance: Theory
28
Introduction
28
The theoretical basis of mortgage demand
29
Modelling mortgage demand under conditions of certainty
30
Modelling mortgage demand under conditions of
uncertainty
34
Down payment constraints and mortgage demand
37
Mortgage demand, other mortgage choices and the nature
of the economic environment
40
Summary and conclusions
47
Guide to further reading
48
3
The Demand for Mortgage Finance: Empirical Evidence
50
Introduction
50
Some general issues encountered in estimating mortgage
demand equations
51
The general findings of United States research
55
Empirical research in the United Kingdom
58
A comparison of United States and United Kingdom research
64
Summary and conclusions
65
Guide to further reading
67
4
The Tilt , Mortgage Designs and the Amortisation of Debt
69
Introduction
69
The tilt and cash constraints
71
Mortgage instruments for dealing with the tilt
76
The role of the flexible amortisation of mortgage debt
79
viii Contents
Perspectives
on the maturity of mortgage debt
84
Empirical studies of amortisation behaviour
86
Summary and conclusions
88
Guide to further reading
90
5
Rationing, Mortgage Market Adjustment and Separating
Equilibrium
92
Introduction
92
A classification of credit rationing in the mortgage market
93
Disequilibrium rationing
95
Market adjustment and dynamic rationing
96
Asymmetric information and equilibrium credit market
rationing
98
Summary and conclusions 111
Guide to further reading
112
6
Credit Rationing, Mortgage Market Adjustment and
Separating Equilibrium: Empirical Evidence
113
Introduction
113
United Kingdom (disequilibrium) mortgage credit rationing
research
114
United States (disequilibrium) mortgage credit rationing
research
116
Modelling mortgage demand under credit rationing
118
Mortgage market adjustment and dynamic credit rationing
122
Equilibrium rationing separating equilibrium and liquidity
constraints
125
Mortgage credit rationing in other economies
128
Summary and conclusions
129
Guide to further reading
130
7
The Household s Choice of Mortgage Design: Theory
132
Introduction
132
Theoretical determinants of the choice of mortgage
instrument and contract heterogeneity
134
Payment scheduling and mortgage contract heterogeneity
134
Mortgage demand under uncertainty and mortgage contract
heterogeneity
138
Information asymmetry and mortgage contract heterogeneity
145
Interest rate expectations and mortgage contract
heterogeneity
150
Summary and conclusions
154
Guide to further reading
155
Contents ix
8
The Household s Choice of Mortgage Design: Empirical
Evidence
157
Introduction
157
Choice of mortgage instrument in the United States
159
Mortgage contract heterogeneity in the United States
164
The simultaneous determination of mortgage demand and
choice of mortgage instrument (US)
165
The choice of mortgage instrument in the United Kingdom
167
Mortgage contract heterogeneity in the United Kingdom
172
The simultaneous determination of mortgage demand and
choice of mortgage type (UK)
174
A comparison of United States and United Kingdom research
175
An overview of empirical work on the choice of mortgage
instrument
176
Summary and conclusions
178
Guide to further reading
179
9
The Risky Mortgage Contract and Embedded Options:
Mortgage Valuation and Household Behaviour
181
Introduction
181
An overview of the option theoretic approach to mortgage
valuation
182
The stochastic economic environment
184
Valuing a mortgage: the general framework
186
The prepayment behaviour of the wealth maximising
borrower
188
The default behaviour of the wealth maximising borrower
191
The links between prepayment and default behaviour
193
The valuation of alternative mortgage instruments and
household behaviour
195
Summary and conclusions
198
Guide to further reading
199
10
Prepayment and Default Behaviour: Empirical Evidence
201
Introduction
201
The study of mortgage termination behaviour
202
Approaches to the econometric modelling of mortgage
termination behaviour
204
Measurement issues in specifying mortgage termination
models
205
Default specific studies
210
Prepayment specific studies
212
Default and prepayment behaviour as competing risks
215
χ
Contents
Mortgage termination behaviour and alternative mortgage
instruments
217
Summary and conclusions
220
Guide to further reading
221
11
Conclusion: The Field of Mortgage Market Economics
224
Introduction
224
The state of the art of mortgage market economics:
retrospect and prospect
225
Revisiting the themes of the book
228
Mortgage markets and mortgage market economics
-
where to?
229
Other issues
233
Final thoughts
233
Bibliography
235
Index
253
|
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| illustrated | Illustrated |
| indexdate | 2024-07-09T22:07:59Z |
| institution | BVB |
| isbn | 1405114614 |
| language | English |
| lccn | 2003019585 |
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| physical | XII, 258 S. graph. Darst. |
| publishDate | 2004 |
| publishDateSearch | 2004 |
| publishDateSort | 2004 |
| publisher | Blackwell |
| record_format | marc |
| series2 | Real estate issues |
| spelling | Leece, David Verfasser aut Economics of the mortgage market perspectives on household decision making David Leece 1. publ. Oxford [u.a.] Blackwell 2004 XII, 258 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Real estate issues Hypothèques Logement - Finances Prêts hypothécaires Mortgage loans Mortgages Housing / Finance Hypothekengeschäft (DE-588)4161149-4 gnd rswk-swf Wohnungsbaufinanzierung (DE-588)4066776-5 gnd rswk-swf Hypothekengeschäft (DE-588)4161149-4 s Wohnungsbaufinanzierung (DE-588)4066776-5 s DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018806848&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Leece, David Economics of the mortgage market perspectives on household decision making Hypothèques Logement - Finances Prêts hypothécaires Mortgage loans Mortgages Housing / Finance Hypothekengeschäft (DE-588)4161149-4 gnd Wohnungsbaufinanzierung (DE-588)4066776-5 gnd |
| subject_GND | (DE-588)4161149-4 (DE-588)4066776-5 |
| title | Economics of the mortgage market perspectives on household decision making |
| title_auth | Economics of the mortgage market perspectives on household decision making |
| title_exact_search | Economics of the mortgage market perspectives on household decision making |
| title_full | Economics of the mortgage market perspectives on household decision making David Leece |
| title_fullStr | Economics of the mortgage market perspectives on household decision making David Leece |
| title_full_unstemmed | Economics of the mortgage market perspectives on household decision making David Leece |
| title_short | Economics of the mortgage market |
| title_sort | economics of the mortgage market perspectives on household decision making |
| title_sub | perspectives on household decision making |
| topic | Hypothèques Logement - Finances Prêts hypothécaires Mortgage loans Mortgages Housing / Finance Hypothekengeschäft (DE-588)4161149-4 gnd Wohnungsbaufinanzierung (DE-588)4066776-5 gnd |
| topic_facet | Hypothèques Logement - Finances Prêts hypothécaires Mortgage loans Mortgages Housing / Finance Hypothekengeschäft Wohnungsbaufinanzierung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018806848&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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