The Impact of Deregulation and Financial Innovation on Consumers: The Case of the Mortgage Market

We develop a technique to assess the impact of changes in mortgage markets on households, exploiting an implication of the permanent income hypothesis: The higher a household's expected future income, the higher its desired consumption, ceteris paribus. With perfect credit markets, desired cons...

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Veröffentlicht in:	The Journal of finance (New York) 2010-02, Vol.65 (1), p.333-360
Hauptverfasser:	GERARDI, KRISTOPHER S., ROSEN, HARVEY S., WILLEN, PAUL S.
Format:	Artikel
Sprache:	eng
Schlagworte:	Ceteris paribus Coefficients Consumption Credit Credit market Deregulation Dwelling value Family income Finance Financial regulation Financial services Homes Housing Impact analysis Income estimates Mortgage companies Mortgage loans Mortgage markets Secondary markets Securitization Studies
Online-Zugang:	Volltext
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