TY  - BOOK
AU  - Dell'Ariccia,Giovanni
AU  - Igan,Deniz
AU  - Laeven,Luc
TI  - Credit Booms and Lending Standards: Evidence From the Subprime Mortgage Market 
T2  - IMF Working Papers; Working Paper
SN  - 1451869673 :
SN  - 1018-5941
PY  - 2008///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Applications
KW  - imf
KW  - Credit Boom
KW  - Financial Accelerators
KW  - Lending Standards
KW  - Mortgage Lenders
KW  - Mortgage
KW  - Spain
KW  - United States
N2  - This paper links the current sub-prime mortgage crisis to a decline in lending standards associated with the rapid expansion of this market. We show that lending standards declined more in areas that experienced larger credit booms and house price increases. We also find that the underlying market structure mattered, with entry of new, large lenders triggering declines in lending standards by incumbent banks. Finally, lending standards declined more in areas with higher mortgage securitization rates. The results are consistent with theoretical predictions from recent financial accelerator models based on asymmetric information, and shed light on the relationship between credit booms and financial instability
UR  - http://elibrary.imf.org/view/IMF001/09220-9781451869675/09220-9781451869675/09220-9781451869675.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451869675
ER  -