Do the GSEs expand the supply of mortgage credit? New evidence of crowd out in the secondary mortgage market
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Jeffrey R. Brown & Norma B. Coe & Amy Finkelstein, 2007.
"Medicaid Crowd-Out of Private Long-Term Care Insurance Demand: Evidence from the Health and Retirement Survey,"
NBER Chapters, in: Tax Policy and the Economy, Volume 21, pages 1-34,
National Bureau of Economic Research, Inc.
- Jeffrey R. Brown & Norma B. Coe & Amy Finkelstein, 2006. "Medicaid Crowd-Out of Private Long-Term Care Insurance Demand: Evidence from the Health and Retirement Survey," NBER Working Papers 12536, National Bureau of Economic Research, Inc.
- Carlstrom, Charles T. & Samolyk, Katherine A., 1995.
"Loan sales as a response to market-based capital constraints,"
Journal of Banking & Finance, Elsevier, vol. 19(3-4), pages 627-646, June.
- Charles T. Carlstrom & Katherine A. Samolyk, 1993. "Loan sales as a response to market-based capital constraints," Working Papers (Old Series) 9313, Federal Reserve Bank of Cleveland.
- Xudong An & Raphael Bostic, 2008.
"GSE Activity, FHA Feedback, and Implications for the Efficacy of the Affordable Housing Goals,"
The Journal of Real Estate Finance and Economics, Springer, vol. 36(2), pages 207-231, February.
- Xudong An & Raphael W. Bostic, 2006. "GSE Activity, FHA Feedback, and Implications for the Efficacy of the Affordable Housing Goals," Working Paper 8573, USC Lusk Center for Real Estate.
- Andrews,Donald W. K. & Stock,James H. (ed.), 2005. "Identification and Inference for Econometric Models," Cambridge Books, Cambridge University Press, number 9780521844413, January.
- Glaeser Edward L & Jaffee Dwight M, 2006. "What To Do about Fannie and Freddie?," The Economists' Voice, De Gruyter, vol. 3(7), pages 1-5, September.
- Atif Mian & Amir Sufi, 2009. "The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 124(4), pages 1449-1496.
- Andreoni, James, 1993.
"An Experimental Test of the Public-Goods Crowding-Out Hypothesis,"
American Economic Review, American Economic Association, vol. 83(5), pages 1317-1327, December.
- Andreoni, J., 1990. "An Experimental Test Of The Public Goods Crowding-Out Hypothesis," Working papers 9006, Wisconsin Madison - Social Systems.
- Bostic, Raphael & Gabriel, Stuart & Painter, Gary, 2009. "Housing wealth, financial wealth, and consumption: New evidence from micro data," Regional Science and Urban Economics, Elsevier, vol. 39(1), pages 79-89, January.
- Jeffrey R. Brown & Amy Finkelstein, 2008.
"The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market,"
American Economic Review, American Economic Association, vol. 98(3), pages 1083-1102, June.
- Jeffrey R. Brown & Amy Finkelstein, 2004. "The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market," NBER Working Papers 10989, National Bureau of Economic Research, Inc.
- Christopher J. Mayer & Karen Pence, 2008.
"Subprime Mortgages: What, Where, and to Whom?,"
NBER Working Papers
14083, National Bureau of Economic Research, Inc.
- Christopher J. Mayer & Karen M. Pence, 2008. "Subprime mortgages: what, where, and to whom?," Finance and Economics Discussion Series 2008-29, Board of Governors of the Federal Reserve System (U.S.).
- Bucks, Brian & Pence, Karen, 2008. "Do borrowers know their mortgage terms?," Journal of Urban Economics, Elsevier, vol. 64(2), pages 218-233, September.
- Richard K. Green & Susan M. Wachter, 2005.
"The American Mortgage in Historical and International Context,"
Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 93-114, Fall.
- Richard K. Green & Susan M. Wachter, 2005. "The American Mortgage in Historical and International Context," Working Paper 9094, USC Lusk Center for Real Estate.
- Steven Drucker & Manju Puri, 2009. "On Loan Sales, Loan Contracting, and Lending Relationships," The Review of Financial Studies, Society for Financial Studies, vol. 22(7), pages 2635-2672, July.
- Rosenthal, Stuart S. & Strange, William C., 2004. "Evidence on the nature and sources of agglomeration economies," Handbook of Regional and Urban Economics, in: J. V. Henderson & J. F. Thisse (ed.), Handbook of Regional and Urban Economics, edition 1, volume 4, chapter 49, pages 2119-2171, Elsevier.
- William W. Lang & Leonard I. Nakamura, 1994. "Information and screening in real estate finance: an introduction," Working Papers 94-15, Federal Reserve Bank of Philadelphia.
- repec:bla:jfinan:v:43:y:1988:i:2:p:375-96 is not listed on IDEAS
- Foote, Christopher L. & Gerardi, Kristopher & Willen, Paul S., 2008.
"Negative equity and foreclosure: Theory and evidence,"
Journal of Urban Economics, Elsevier, vol. 64(2), pages 234-245, September.
- Christopher L. Foote & Kristopher Gerardi & Paul S. Willen, 2008. "Negative equity and foreclosure: theory and evidence," Public Policy Discussion Paper 08-3, Federal Reserve Bank of Boston.
- Danielle DiMartino & John V. Duca, 2007. "The rise and fall of subprime mortgages," Economic Letter, Federal Reserve Bank of Dallas, vol. 2(nov).
- David M. Cutler & Jonathan Gruber, 1996. "Does Public Insurance Crowd out Private Insurance?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 111(2), pages 391-430.
- Sinai, Todd & Waldfogel, Joel, 2005. "Do low-income housing subsidies increase the occupied housing stock?," Journal of Public Economics, Elsevier, vol. 89(11-12), pages 2137-2164, December.
- Jonathan Gruber & Kosali Simon, 2007. "Crowd-Out Ten Years Later: Have Recent Public Insurance Expansions Crowded Out Private Health Insurance?," NBER Working Papers 12858, National Bureau of Economic Research, Inc.
- Murray, Michael P, 1999. "Subsidized and Unsubsidized Housing Stocks 1935 to 1987: Crowding Out and Cointegration," The Journal of Real Estate Finance and Economics, Springer, vol. 18(1), pages 107-124, January.
- Michael P. Murray, 2006. "Avoiding Invalid Instruments and Coping with Weak Instruments," Journal of Economic Perspectives, American Economic Association, vol. 20(4), pages 111-132, Fall.
- Amy Finkelstein & Kathleen McGarry, 2006. "Multiple Dimensions of Private Information: Evidence from the Long-Term Care Insurance Market," American Economic Review, American Economic Association, vol. 96(4), pages 938-958, September.
- Ambrose, Brent W. & Thibodeau, Thomas G., 2004. "Have the GSE affordable housing goals increased the supply of mortgage credit?," Regional Science and Urban Economics, Elsevier, vol. 34(3), pages 263-273, May.
Citations
RePEc Biblio mentions
As found on the RePEc Biblio, the curated bibliography for Economics:Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Carozzi, Felipe & Hilber, Christian A.L. & Yu, Xiaolun, 2024.
"On the economic impacts of mortgage credit expansion policies: Evidence from help to buy,"
Journal of Urban Economics, Elsevier, vol. 139(C).
- Carozzi, Felipe & Hilber, Christian & Yu, Xiaolun, 2020. "On the Economic Impacts of Mortgage Credit Expansion Policies: Evidence from Help to Buy," CEPR Discussion Papers 14620, C.E.P.R. Discussion Papers.
- Carozzi, Felipe & Hilber, Christian A. L. & Yu, Xiaolun, 2024. "On the economic impacts of mortgage credit expansion policies: evidence from help to buy," LSE Research Online Documents on Economics 120627, London School of Economics and Political Science, LSE Library.
- Felipe Carozzi & Christian A. L. Hilber & Xiaolun Yu, 2020. "On the economic impacts of mortgage credit expansion policies: evidence from help to buy," CEP Discussion Papers dp1681, Centre for Economic Performance, LSE.
- Carozzi, Felipe & Hilber, Christian A. L. & Yu, Xiaolun, 2020. "On the economic impacts of mortgage credit expansion policies: evidence from Help to Buy," LSE Research Online Documents on Economics 108422, London School of Economics and Political Science, LSE Library.
- John V. Duca & John Muellbauer & Anthony Murphy, 2016. "How Mortgage Finance Reform Could Affect Housing," American Economic Review, American Economic Association, vol. 106(5), pages 620-624, May.
- Dwight Jaffee & John M. Quigley, 2012.
"The Future of the Government-Sponsored Enterprises: The Role for Government in the U.S. Mortgage Market,"
NBER Chapters, in: Housing and the Financial Crisis, pages 361-417,
National Bureau of Economic Research, Inc.
- Dwight Jaffee & John M. Quigley, 2011. "The Future of the Government Sponsored Enterprises: The Role for Government in the U.S. Mortgage Market," NBER Working Papers 17685, National Bureau of Economic Research, Inc.
- Duca, John V. & Muellbauer, John & Murphy, Anthony, 2011.
"Shifting credit standards and the boom and bust in U.S. house prices,"
LSE Research Online Documents on Economics
58533, London School of Economics and Political Science, LSE Library.
- Muellbauer, John & Murphy, Anthony & Duca, John V, 2011. "Shifting Credit Standards and the Boom and Bust in US House Prices," CEPR Discussion Papers 8361, C.E.P.R. Discussion Papers.
- John V. Duca & John Muellbauer & Anthony Murphy, 2011. "Shifting Credit Standards and the Boom and Bust in U.S. House Prices," SERC Discussion Papers 0076, Centre for Economic Performance, LSE.
- John V. Duca & John N. Muellbauer & Anthony Murphy, 2011. "Shifting credit standards and the boom and bust in U.S. house prices," Working Papers 1104, Federal Reserve Bank of Dallas.
- Harding, John P. & Rosenthal, Stuart S., 2017. "Homeownership, housing capital gains and self-employment," Journal of Urban Economics, Elsevier, vol. 99(C), pages 120-135.
- Stuart A. Gabriel & Stuart S. Rosenthal, 2015. "The Boom, the Bust and the Future of Homeownership," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(2), pages 334-374, June.
- Toni Ahnert & Martin Kuncl, 2024.
"Government Loan Guarantees, Market Liquidity, and Lending Standards,"
Management Science, INFORMS, vol. 70(7), pages 4502-4532, July.
- Ahnert, Toni & Kuncl, Martin, 2022. "Government Loan Guarantees, Market Liquidity, and Lending Standards," CEPR Discussion Papers 14458, C.E.P.R. Discussion Papers.
- Ahnert, Toni & Kuncl, Martin, 2022. "Government loan guarantees, market liquidity, and lending standards," Working Paper Series 2710, European Central Bank.
- Gene Amromin & Jennifer Huang & Clemens Sialm & Edward Zhong, 2018.
"Complex Mortgages [Why don’t lenders renegotiate more home mortgages? Redefaults, self-cures, and securitization],"
Review of Finance, European Finance Association, vol. 22(6), pages 1975-2007.
- Gene Amromin & Jennifer Huang & Clemens Sialm & Edward Zhong, 2010. "Complex mortgages," Working Paper Series WP-2010-17, Federal Reserve Bank of Chicago.
- Gene Amromin & Jennifer Huang & Clemens Sialm & Edward Zhong, 2011. "Complex Mortgages," NBER Working Papers 17315, National Bureau of Economic Research, Inc.
- Zhou, Xiaoqing, 2020.
"A quantitative evaluation of the Housing Provident Fund program in China,"
China Economic Review, Elsevier, vol. 61(C).
- Xiaoqing Zhou, 2020. "A Quantitative Evaluation of the Housing Provident Fund Program in China," Working Papers 2008, Federal Reserve Bank of Dallas.
- Gabriel, Stuart A. & Rosenthal, Stuart S., 2013. "Urbanization, agglomeration economies, and access to mortgage credit," Regional Science and Urban Economics, Elsevier, vol. 43(1), pages 42-50.
- Olsen, Edgar O. & Zabel, Jeffrey E., 2015. "US Housing Policy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 887-986, Elsevier.
- Jonathan Spader & Roberto Quercia, 2012. "CRA Lending in a Changing Context: Evidence of Interaction with FHA and Subprime Originations," The Journal of Real Estate Finance and Economics, Springer, vol. 44(4), pages 505-525, May.
- Qianqian Cao & Shimeng Liu, 2015. "The Impact of State Foreclosure and Bankruptcy Laws on Higher-Risk Lending: Evidence from FHA and Subprime Mortgage Originations," Working Paper 9411, USC Lusk Center for Real Estate.
- repec:ehl:lserod:124116 is not listed on IDEAS
- John V Duca & John Muellbauer & Anthony Murphy, 2012. "Credit standards and the bubble in US house prices: new econometric evidence," BIS Papers chapters, in: Bank for International Settlements (ed.), Property markets and financial stability, volume 64, pages 83-89, Bank for International Settlements.
- Nikodem Szumilo & Enrico Vanino, 2021. "Are Government and Bank Loans Substitutes or Complements? Evidence from Spatial Discontinuity in Equity Loans," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(3), pages 968-996, September.
- Ma, Chao, 2020. "Per-customer quantity limit and price discrimination: Evidence from the U.S. residential mortgage market," International Journal of Industrial Organization, Elsevier, vol. 70(C).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Eriksen, Michael D. & Rosenthal, Stuart S., 2010. "Crowd out effects of place-based subsidized rental housing: New evidence from the LIHTC program," Journal of Public Economics, Elsevier, vol. 94(11-12), pages 953-966, December.
- Olsen, Edgar O. & Zabel, Jeffrey E., 2015. "US Housing Policy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 887-986, Elsevier.
- Chen, Jie & Nong, Huifu, 2016. "The heterogeneity of market supply effects of public housing provision: Empirical evidence from China," Journal of Housing Economics, Elsevier, vol. 33(C), pages 115-127.
- Guiso, Luigi & Sodini, Paolo, 2013.
"Household Finance: An Emerging Field,"
Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 1397-1532,
Elsevier.
- Luigi Guiso & Paolo Sodini, 2012. "Household Finance. An Emerging Field," EIEF Working Papers Series 1204, Einaudi Institute for Economics and Finance (EIEF), revised Mar 2012.
- Guiso, Luigi, 2012. "Household Finance: An Emerging Field," CEPR Discussion Papers 8934, C.E.P.R. Discussion Papers.
- Jeffrey Brown & Amy Finkelstein, 2011. "Insuring Long Term Care In the US," NBER Working Papers 17451, National Bureau of Economic Research, Inc.
- Dettling, Lisa J. & Kearney, Melissa S., 2014.
"House prices and birth rates: The impact of the real estate market on the decision to have a baby,"
Journal of Public Economics, Elsevier, vol. 110(C), pages 82-100.
- Lisa J. Dettling & Melissa Schettini Kearney, 2011. "House Prices and Birth Rates: The Impact of the Real Estate Market on the Decision to Have a Baby," NBER Working Papers 17485, National Bureau of Economic Research, Inc.
- Christopher Mayer & Edward Morrison & Tomasz Piskorski & Arpit Gupta, 2014.
"Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide,"
American Economic Review, American Economic Association, vol. 104(9), pages 2830-2857, September.
- Christopher J. Mayer & Edward Morrison & Tomasz Piskorski & Arpit Gupta, 2011. "Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide," NBER Working Papers 17065, National Bureau of Economic Research, Inc.
- Atif Mian & Amir Sufi & Francesco Trebbi, 2015.
"Foreclosures, House Prices, and the Real Economy,"
Journal of Finance, American Finance Association, vol. 70(6), pages 2587-2634, December.
- Atif Mian & Amir Sufi & Francesco Trebbi, 2011. "Foreclosures, House Prices, and the Real Economy," NBER Working Papers 16685, National Bureau of Economic Research, Inc.
- Atif Mian & Amir Sufi & Francesco Trebbi, 2011. "Foreclosures, House Prices, and the Real Economy," IMES Discussion Paper Series 11-E-27, Institute for Monetary and Economic Studies, Bank of Japan.
- Samuel Dodini & Donald R. Haurin & Stephanie Moulton & Maximilian D. Schmeiser, 2015. "How House Price Dynamics and Credit Constraints affect the Equity Extraction of Senior Homeowners," Finance and Economics Discussion Series 2015-70, Board of Governors of the Federal Reserve System (U.S.).
- John Y. Campbell, 2013.
"Mortgage Market Design,"
Review of Finance, European Finance Association, vol. 17(1), pages 1-33.
- John Y. Campbell, 2012. "Mortgage Market Design," NBER Working Papers 18339, National Bureau of Economic Research, Inc.
- Campbell, John Y., 2012. "Mortgage Market Design," Scholarly Articles 9887618, Harvard University Department of Economics.
- Junhao Liu & Anita Mukherjee, 2021. "Medicaid and long‐term care: The effects of penalizing strategic asset transfers," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 88(1), pages 53-77, March.
- Christopher Foote & Kristopher Gerardi & Lorenz Goette & Paul Willen, 2010.
"Reducing Foreclosures: No Easy Answers,"
NBER Chapters, in: NBER Macroeconomics Annual 2009, Volume 24, pages 89-138,
National Bureau of Economic Research, Inc.
- Christopher L. Foote & Kristopher Gerardi & Lorenz Goette & Paul S. Willen, 2009. "Reducing foreclosures: no easy answers," FRB Atlanta Working Paper 2009-15, Federal Reserve Bank of Atlanta.
- Christopher Foote & Kristopher Gerardi & Lorenz Goette & Paul Willen, 2009. "Reducing Foreclosures: No Easy Answers," NBER Working Papers 15063, National Bureau of Economic Research, Inc.
- Francisco Gomes & Michael Haliassos & Tarun Ramadorai, 2021.
"Household Finance,"
Journal of Economic Literature, American Economic Association, vol. 59(3), pages 919-1000, September.
- Haliassos, Michael & Gomes, Francisco, 2020. "Household Finance," CEPR Discussion Papers 14502, C.E.P.R. Discussion Papers.
- Gomes, Francisco J. & Haliassos, Michael & Ramadorai, Tarun, 2020. "Household finance," IMFS Working Paper Series 138, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
- Raj Chetty & Amy Finkelstein, 2012.
"Social Insurance: Connecting Theory to Data,"
NBER Working Papers
18433, National Bureau of Economic Research, Inc.
- Chetty, Nadarajan & Finkelstein, Amy Nadya, 2013. "Social Insurance: Connecting Theory to Data," Scholarly Articles 34330197, Harvard University Department of Economics.
- Pestieau, Pierre & Ponthiere, Gregory, 2016.
"The public economics of long term care,"
CEPR Discussion Papers
11365, C.E.P.R. Discussion Papers.
- Pestieau, Pierre & Ponthiere, Gregory, 2021. "The Public Economics of Long-Term Care," LIDAM Reprints CORE 3150, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- PESTIEAU, Pierre & PONTHIERE, Gregory, 2016. "The Public Economics of Long Term Care," LIDAM Discussion Papers CORE 2016008, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Christopher Mayer & Karen Pence & Shane M. Sherlund, 2009.
"The Rise in Mortgage Defaults,"
Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 27-50, Winter.
- Christopher J. Mayer & Karen M. Pence & Shane M. Sherlund, 2008. "The rise in mortgage defaults," Finance and Economics Discussion Series 2008-59, Board of Governors of the Federal Reserve System (U.S.).
- Gastón Illanes & Manisha Padi, 2019. "Retirement Policy and Annuity Market Equilibria: Evidence from Chile," NBER Working Papers 26285, National Bureau of Economic Research, Inc.
- Tennyson, Sharon & Yang, Hae Kyung, 2014. "The role of life experience in long-term care insurance decisions," Journal of Economic Psychology, Elsevier, vol. 42(C), pages 175-188.
- Kristopher Gerardi & Lorenz Goette & Stephan Meier, 2010. "Financial literacy and subprime mortgage delinquency: evidence from a survey matched to administrative data," FRB Atlanta Working Paper 2010-10, Federal Reserve Bank of Atlanta.
- Coe, Norma B. & Skira, Meghan M. & Van Houtven, Courtney Harold, 2015. "Long-term care insurance: Does experience matter?," Journal of Health Economics, Elsevier, vol. 40(C), pages 122-131.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:pubeco:v:94:y:2010:i:11-12:p:975-986. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/505578 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.