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A simple model of subprime borrowers and credit growth

The surge in credit and house prices that preceded the Great Recession was particularly pronounced in ZIP codes with a higher fraction of subprime borrowers (Mian and Sufi 2009). We present a simple model of prime and subprime borrowers distributed across geographic locations, which can reproduce th... Full description

Journal Title: The American economic review 2016, Vol.106(5), pp. 543-547
Main Author: Justiniano, Alejandro
Format: Electronic Article Electronic Article
Language: English
Subjects:
Usa
ID: ISSN: 0002-8282
Link: http://gso.gbv.de/DB=2.1/PPNSET?PPN=895400421
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recordid: gbv895400421
title: A simple model of subprime borrowers and credit growth
format: Article
creator:
  • Justiniano, Alejandro
subjects:
  • Subprime-Krise
  • Kredit
  • Angebot
  • Niedrigeinkommen
  • Usa
  • 1999-2006
ispartof: The American economic review, 2016, Vol.106(5), pp. 543-547
description: The surge in credit and house prices that preceded the Great Recession was particularly pronounced in ZIP codes with a higher fraction of subprime borrowers (Mian and Sufi 2009). We present a simple model of prime and subprime borrowers distributed across geographic locations, which can reproduce this stylized fact as a result of an expansion in the supply of credit. Owing to their low incomes, subprime households are constrained in their ability to meet interest payments and hence sustain debt. As a result, when the supply of credit increases and interest rates fall, they take on disproportionately more debt than their prime counterparts, who are not subject to that constraint.
language: eng
source:
identifier: ISSN: 0002-8282
fulltext: fulltext
issn:
  • 00028282
  • 0002-8282
url: Link


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descriptionThe surge in credit and house prices that preceded the Great Recession was particularly pronounced in ZIP codes with a higher fraction of subprime borrowers (Mian and Sufi 2009). We present a simple model of prime and subprime borrowers distributed across geographic locations, which can reproduce this stylized fact as a result of an expansion in the supply of credit. Owing to their low incomes, subprime households are constrained in their ability to meet interest payments and hence sustain debt. As a result, when the supply of credit increases and interest rates fall, they take on disproportionately more debt than their prime counterparts, who are not subject to that constraint.
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