Credit growth and the financial crisis: A new narrative
成果类型：
Article
署名作者：
Albanesi, Stefania; DeGiorgi, Giacomo; Nosal, Jaromir
署名单位：
Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National Bureau of Economic Research; University of Geneva; Boston College
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2022.09.001
发表日期：
2022
页码：
118-139
关键词：
摘要：
Using a nationally representative panel of credit reports, we show that the 20 01-20 06 credit boom and the 20 07-20 09 rise in mortgage defaults were concentrated among prime borrowers. Life cycle effects and mortgage investor activity are primary factors behind the evolution of debt and default in this period. These results hold across geographical regions, suggesting other factors, such as demographics, may account for the positive correlation between the concentration of subprime borrowers, the rise in debt and severity of the recession. Our findings provide a new narrative that challenges the role of subprime credit in the housing boom and bust. (C) 2022 Elsevier B.V. All rights reserved.
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