| STA |
|a MIBE-2023 |
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nab 22 i 4500 |
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20231102130637.0 |
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230920s2023 ne a f 000 0 eng d |
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|a 10.1016/j.jhe.2023.101965 |2 doi |
| 0248 |
|a WOS:001080220400001 |q DT2316 |
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|a ES-MaBBE |
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|a D82 |
| 084 |
|a E51 |
| 084 |
|a G21 |
| 084 |
|a G28 |
| 084 |
|a R31 |
| 098 |
|a E2 |e Teoría monetaría |
| 098 |
|a G21 |e Instituciones crediticias de depósito |
| 098 |
|a G22 |e Instituciones financieras no bancarias |
| 098 |
|a D6 |e Información e incertidumbre |
| 1001 |
|a Garcia-Villegas, Salomon |
| 24514 |
|a The amplification effects of adverse selection in mortgage credit supply |h [Recurso electrónico] / |c Salomon Garcia-Villegas. |
| 300 |
|a 11 p. : |b ilustraciones. |
| 500 |
|a Artículo de revista |
| 506 |
|a Acceso electrónico RESTRINGIDO por IP a los usuarios de la Biblioteca del Banco de España |
| 5203 |
|a This paper studies how information frictions in the securitization market amplify the response of mortgage credit supply to house price shocks. Securitization prices and quantities endogenously result from an optimal contracting problem between investors and banks. Banks are better informed than investors about the quality of mortgages they originate, leading to adverse selection in securitization. Investors use the quantity sold as a screening device to induce banks to reveal truthful information. We find that adverse selection amplifies the response of a bank’s mortgage credit to house price shocks. The degree of amplification is also a function of the technological differences in managing portfolios between banks and investors. The model is informative on how information frictions can induce large fluctuations in mortgage credit supply. [Resumen de autor] |9 [eng] |
| 65310 |
|a Securitization |
| 65310 |
|a Screening |
| 65310 |
|a Banking |
| 65310 |
|a Information frictions |
| 65310 |
|a Liquidity |
| 7730 |
|t Journal of Housing Economics [Artículos] |g v. 62, December 2023, art. 101965 |x 1051-1377 |
| 8564 |
|z Acceso al texto completo |u https://login.ezproxy-bde.greendata.es/login?url=https://doi.org/10.1016/j.jhe.2023.101965 |
| LKR |
|a PAR |b 000474483 |l NSB01 |n Documentos de Trabajo / Banco de España; 2316 |m Journal of Housing Economics, v. 62, December 2023, art. 101965 |
| LKR |
|a PAR |b 000474846 |l NSB01 |n SUERF Policy Brief; 682 |m Journal of Housing Economics, v. 62, December 2023, art. 101965 |
| TYP |
|a Artículo |
| TYP |
|a Recurso electronico |
| TYP |
|a EL |b Acceso |
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000474847 |
