Credit Booms and Lending Standards: Evidence From the Subprime Mortgage Market
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 s...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2008
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 08/106 |
| Schlagworte: | |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | Includes bibliographical references |
| Beschreibung: | 1 Online-Ressource (37 p) |
| ISBN: | 1451869673 9781451869675 |
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| id | DE-604.BV048349934 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:28Z |
| indexdate | 2024-07-10T09:35:36Z |
| institution | BVB |
| isbn | 1451869673 9781451869675 |
| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Dell'Ariccia, Giovanni Verfasser aut Credit Booms and Lending Standards Evidence From the Subprime Mortgage Market Dell'Ariccia, Giovanni Washington, D.C International Monetary Fund 2008 1 Online-Ressource (37 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/106 Includes bibliographical references 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 Online-Ausg Credit United States Credit United States Econometric models Moral hazard United States Econometric models Electronic books Igan, Deniz Sonstige oth Laeven, Luc Sonstige oth http://elibrary.imf.org/view/IMF001/09220-9781451869675/09220-9781451869675/09220-9781451869675.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Dell'Ariccia, Giovanni Credit Booms and Lending Standards Evidence From the Subprime Mortgage Market Credit United States Credit United States Econometric models Moral hazard United States Econometric models |
| title | Credit Booms and Lending Standards Evidence From the Subprime Mortgage Market |
| title_auth | Credit Booms and Lending Standards Evidence From the Subprime Mortgage Market |
| title_exact_search | Credit Booms and Lending Standards Evidence From the Subprime Mortgage Market |
| title_exact_search_txtP | Credit Booms and Lending Standards Evidence From the Subprime Mortgage Market |
| title_full | Credit Booms and Lending Standards Evidence From the Subprime Mortgage Market Dell'Ariccia, Giovanni |
| title_fullStr | Credit Booms and Lending Standards Evidence From the Subprime Mortgage Market Dell'Ariccia, Giovanni |
| title_full_unstemmed | Credit Booms and Lending Standards Evidence From the Subprime Mortgage Market Dell'Ariccia, Giovanni |
| title_short | Credit Booms and Lending Standards |
| title_sort | credit booms and lending standards evidence from the subprime mortgage market |
| title_sub | Evidence From the Subprime Mortgage Market |
| topic | Credit United States Credit United States Econometric models Moral hazard United States Econometric models |
| topic_facet | Credit United States Credit United States Econometric models Moral hazard United States Econometric models |
| url | http://elibrary.imf.org/view/IMF001/09220-9781451869675/09220-9781451869675/09220-9781451869675.xml |
| work_keys_str_mv | AT dellaricciagiovanni creditboomsandlendingstandardsevidencefromthesubprimemortgagemarket AT igandeniz creditboomsandlendingstandardsevidencefromthesubprimemortgagemarket AT laevenluc creditboomsandlendingstandardsevidencefromthesubprimemortgagemarket |