Spatial Dependence in Subprime Mortgage Defaults

2019 ◽  
Vol 62 (1) ◽  
pp. 1-24
Author(s):  
Andréas Heinen ◽  
James B. Kau ◽  
Donald C. Keenan ◽  
Mi Lim Kim
2011 ◽  
Vol 3 (4) ◽  
pp. 123-147 ◽  
Author(s):  
Wenli Li ◽  
Michelle J White ◽  
Ning Zhu

Homeowners in financial distress can use bankruptcy to avoid defaulting on their mortgages, since filing loosens their budget constraints. But the 2005 bankruptcy reform made bankruptcy less favorable to homeowners and therefore caused mortgage defaults to rise. We test this relationship and find that the reform caused prime and subprime mortgage default rates to rise by 23% and 14%, respectively. Default rates rose even more for homeowners who were particularly negatively affected by the reform. We calculate that bankruptcy reform caused mortgage default rates to rise by one percentage point even before the start of the financial crisis. (JEL D14, G01, G21, K35)


2012 ◽  
Author(s):  
Eric Arentsen ◽  
David C. Mauer ◽  
Brian Rosenlund ◽  
Harold H. Zhang ◽  
Feng Zhao

Author(s):  
Michael D. Eriksen ◽  
James B. Kau ◽  
Donald C. Keenan

2013 ◽  
Vol 41 (4) ◽  
pp. 858-886 ◽  
Author(s):  
Michael D. Eriksen ◽  
James B. Kau ◽  
Donald C. Keenan

2015 ◽  
Vol 70 (2) ◽  
pp. 689-731 ◽  
Author(s):  
ERIC ARENTSEN ◽  
DAVID C. MAUER ◽  
BRIAN ROSENLUND ◽  
HAROLD H. ZHANG ◽  
FENG ZHAO

2020 ◽  
pp. 133-158
Author(s):  
K. A. Kholodilin ◽  
Y. I. Yanzhimaeva

A relative uniformity of population distribution on the territory of the country is of importance from socio-economic and strategic perspectives. It is especially important in the case of Russia with its densely populated West and underpopulated East. This paper considers changes in population density in Russian regions, which occurred between 1897 and 2017. It explores whether there was convergence in population density and what factors influenced it. For this purpose, it uses the data both at county and regional levels, which are brought to common borders for comparability purposes. Further, the models of unconditional and conditional β-convergence are estimated, taking into account the spatial dependence. The paper concludes that the population density equalization took place in 1897-2017 at the county level and in 1926—1970 at the regional level. In addition, the population density increase is shown to be influenced not only by spatial effects, but also by political and geographical factors such as climate, number of GULAG camps, and the distance from the capital city.


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