The Great Recession and Ethno-Racial Disparities in Access to Mortgage Credit

2020 ◽  
Author(s):  
José Loya ◽  
Chenoa Flippen
Keyword(s):  
Racial Disparities ◽  
Great Recession ◽  
Ethnic Disparities ◽  
Annual Data ◽  
Sharp Drop ◽  
Access To Credit ◽  
The Great Recession ◽  
Home Mortgage Disclosure Act ◽  
The One ◽  
Black And Latino

Abstract The mortgage industry has long been central to racially and ethnically stratified access to homeownership. Liberalized access to credit during the 1990s and early 2000s targeted subprime and other high-cost loans to individuals and communities of color. This article draws on annual data from the Home Mortgage Disclosure Act (HMDA) from 2004 through 2017 to assess short-term variation in racial and ethnic disparities in loan outcomes associated with the Great Recession. We show that, relative to the boom, this period is associated with a reduction in disparities in loan outcomes between non-Hispanic whites and Asians on the one hand and blacks and Latinos on the other. This is particularly true for the disproportionate channeling of black and Latino applicants into high-cost loans, and in communities with higher minority concentrations. As the economy and access to credit improved, particularly after 2011, black and Latino over-representation in high-cost loans began to rebound, though ethno-racial disparities in loan rejection continued well below levels observed during the boom years. The return of inequality in high-cost lending is particularly troubling in light of the sharp drop in minority applications. Implications for ethno-racial stratification are discussed.

The Corporation in a Globalized World

2019 ◽  
Author(s):  
Ronen Palan
Keyword(s):  
Great Recession ◽  
Recent Literature ◽  
International Political Economy ◽  
Power Relationships ◽  
Business World ◽  
The Great Recession ◽  
Relational Power ◽  
Globalized Economy ◽  
The One ◽  
Globalized World

The chapter addresses the nature of the power relationships between the business world and the state as seen from the perspective of a relatively new field of study called international political economy. Theories of corporate power in a globalized economy evolved along two parallel lines. On the one hand, the globalization literature of the 1990s has tended to assume there was a marked shift of power from states to markets. Recent literature questions these assumptions, not least in light of the experience of the great recession of 2007–2008. In parallel, conceptualization of power has evolved from relatively simplistic theories of relational power to theories of structural power and, increasingly, arbitrage power. Arbitrage power is the ability to arbitrate legal systems against each other, or against themselves, for pecuniary purposes.

scholarly journals Fragility – Sustainability: Two Conflicting Major Challenges of this Twenty-First Century

2019 ◽  
pp. 31-64
Author(s):  
Demetrios Argyriades ◽  
Pan Suk Kim
Keyword(s):  
United Nations ◽  
Great Recession ◽  
Good Governance ◽  
First Century ◽  
Peaceful Coexistence ◽  
Global Order ◽  
The Great Recession ◽  
The World ◽  
Counter Culture ◽  
The One

With the Great Recession receding, but crises still afflicting large swaths of the world and a climate of rampant distrust adversely affecting governance, it may be time to ask whether and, if so, how and where our field went wrong. Have we been willing victims of sleep-walkers using metaphors as models? This paper argues as much. Specifically, it contends that, foisted on the world as the one- size-fits-all prescription for good governance, nationally and internationally, it has ended turning governance and democracy on their heads, while also undermining the very foundations on which a global order, based on peaceful coexistence and constructive cooperation through the United Nations, was predicated. The prevalence of symptoms of hurt and discontent should lead us to conclude that the roots of our predicament and problems go much deeper, to a might counter- culture, which triumphed in the 1990s but still goes strong, in places.

Air Pollution and Trade: The Case of China

2021 ◽  
Vol 16 (2) ◽  
pp. 307-346
Author(s):  
Jin Qin ◽  
◽  
Ivan T. Kandilov ◽  
Roger H. von Haefen ◽  
◽  
...  
Keyword(s):  
Air Pollution ◽  
Sulfur Dioxide ◽  
Great Recession ◽  
Fine Particulate Matter ◽  
Annual Data ◽  
Exogenous Shock ◽  
The Great Recession ◽  
Sulfur Dioxide Emissions ◽  
Percentage Points ◽  
Emissions Intensity

We estimate the effects of trade on air pollution in China. To address endogeneity concerns, we use an instrumental variable strategy that treats the Great Recession as an exogenous shock that differentially affected China’s coastal provinces, which export a greater volume of manufacturing as they are closer to navigable waters. In our empirical analysis, we employ annual data on emissions of sulfur dioxide as well as smoke and dust at the province level from 2003 to 2015 to measure air pollution intensity (the ratio of air pollution to GDP), and we also use fine particulate matter (PM2.5) concentrations data derived from satellite imagery as a robustness check. We find that a decrease in trade intensity (the ratio of trade to GDP) by 10 percentage points (a negative trade shock similar to what occurred during the Great Recession) increases sulfur dioxide emissions intensity by about 38 percentage points. Emissions of the other two air pollutants grow by similar proportions.

scholarly journals Agglomeration Economies in Small Cities and Business: The Impact of the Great Recession in Aragón (Spain)

2019 ◽  
Vol 11 (14) ◽  
pp. 3770 ◽  
Author(s):  
Rafael González-Val ◽  
Miriam Marcén
Keyword(s):  
Great Recession ◽  
Employment Growth ◽  
Population Distribution ◽  
Local Level ◽  
Capital City ◽  
Annual Data ◽  
Small Cities ◽  
The Great Recession ◽  
The Impact ◽  
Local Employment

In this paper, we analyze the effects of productive specialization and productive diversity on employment growth at the local level during the Great Recession in Aragon, a NUTS II region in Spain. This region is characterized by (i) a high population density in the capital city (around half of the total population), giving rise to a very uneven population distribution and therefore a lot of small cities and municipalities, and (ii) a large proportion of small businesses (95% of the firms in this region have fewer than ten employees). We use annual data from 2000 to 2015 and panel data models, and grouped local business activities into three main categories: industry, construction and services. Our results show that, during this period, local specialization in any of these activities hurt local employment growth, whereas diversity had a non-significant effect on employment growth. Only in the case of services did we obtain a positive effect of diversity on local employment growth, which was restricted to the most populated cities (i.e., cities with more than 3000 inhabitants). Therefore, only diversity in services activities located in large cities contributed to employment growth during the Great Recession.

Racial Disparities in Credit Constraints in the Great Recession: Evidence from the UK

2011 ◽  
Vol 11 (1) ◽  
Author(s):  
John Gathergood
Keyword(s):  
Racial Disparities ◽  
Great Recession ◽  
Credit Constraints ◽  
Racial Minority ◽  
Racial Groups ◽  
Credit Access ◽  
The Great Recession ◽  
Household Credit ◽  
The Difference ◽  
The Uk

Abstract This paper investigates racial disparities in household credit constraints using UK survey data. We find a widening disparity in the proportion of racial minority households reporting they face credit constraints compared with non-minority households over the period 2006-2009. By 2009 three times as many racial minority households faced credit constraints compared with non-minority households. The difference in credit constraints across racial minority and non-minority households is not explained by a broad set of covariates. While cross-section variation in reported credit constraints might most likely reflect unobservables, we argue this time series variation is very unlikely to arise due to unobservables and is evidence of growing perceived disparity in credit access between racial groups over the period.

‘I’ve Learned to Love What’s Going to Pay Me’: A Culture of Despair in Higher Education during a Time of Insecurity

2016 ◽  
Vol 43 (3) ◽  
pp. 389-403 ◽  
Author(s):  
Pamela Aronson
Keyword(s):  
Great Recession ◽  
Large Scale ◽  
Academic Staff ◽  
University Employees ◽  
The Great Recession ◽  
Structural Problems ◽  
The Social ◽  
Commuter University ◽  
The One ◽  
College Plans

Based on 153 interviews at a mid-sized, commuter university, this article examines the disjuncture between students and alumni on the one hand, and faculty, academic staff and administrators on the other in their perceptions of the challenges facing students who graduate during the Great Recession. Findings reveal a culture of despair in response to economic insecurity for students and graduates: they pursued degrees primarily for a workplace credential, were fearful about the future, and experienced and expressed uncertainty in their post-college plans. While university employees were sympathetic to student problems, only a small number of faculty, staff and administrators viewed student despair as resulting from large-scale structural problems. Instead, the majority of faculty and all of the administrators and academic staff emphasized the need for an individualized response to the social problem of the Great Recession.

scholarly journals Workers’ EU political alignments during the Great Recession

2017 ◽  
Vol 23 (4) ◽  
pp. 387-408 ◽  
Author(s):  
André Freire ◽  
Luís Cabrita ◽  
Mariana Carmo Duarte ◽  
Hugo Ferrinho Lopes
Keyword(s):  
Great Recession ◽  
The Other ◽  
Election Study ◽  
The Great Recession ◽  
Research Questions ◽  
Political Alignments ◽  
European Election ◽  
Using Data ◽  
The One ◽  
The Eu

Using data from the European Election Study 2014, this article focuses on workers’ EU political alignments during the Great Recession. It deals with two research questions. First, how does the attitude of (manual) workers towards the EU compare to that of the middle and upper classes in the aftermath of the Great Recession? Second, when it comes to workers’ support for the EU, are there systematic differences between countries affected by the crisis? The article finds that, on the one hand, in terms of patterns of workers’ EU political alignments, there are no systematic differences between countries affected to varying degrees by the Great Recession. On the other hand, workers still feel fundamentally detached from the EU, especially when it comes to the manual workers. However, high levels of generalised detachment from the EU are not clearly translated into preferences for Eurosceptic parties, since there are high levels of vote fragmentation.

scholarly journals Different from Us: Teaching About the Rich After Occupy and the Great Recession

2015 ◽  
Vol 101 ◽  
pp. 3-8
Author(s):  
Richard Ohmann
Keyword(s):  
United States ◽  
College Students ◽  
Great Recession ◽  
Ernest Hemingway ◽  
The United States ◽  
The Great Recession ◽  
The Media ◽  
The Rich ◽  
The One

In a famous imaginary exchange, F. Scott Fitzgerald said, "The rich are different from us."  Ernest Hemingway replied, "Yes, they have more money."   Most critics have thought the epigram attributed to Fitzgerald more perceptive about class in the United States than the one attributed to Hemingway.  But if we're looking for a wry take on how class has been understood, in the media and among college students, Hemingway's comment is pretty good.  

scholarly journals Moving to a Job: The Role of Home Equity, Debt, and Access to Credit

2017 ◽  
Vol 9 (2) ◽  
pp. 149-181 ◽  
Author(s):  
Yuliya Demyanyk ◽  
Dmytro Hryshko ◽  
María Jose Luengo-Prado ◽  
Bent E. Sørensen
Keyword(s):  
Labor Markets ◽  
Great Recession ◽  
The United States ◽  
Home Equity ◽  
Access To Credit ◽  
Individual Level ◽  
The Great Recession ◽  
Significant Barrier ◽  
Out Of Area

We use individual-level credit reports merged with loan-level mortgage data to estimate how home equity interacted with mobility in relatively weak and strong labor markets in the United States during the Great Recession. We construct a dynamic model of housing, consumption, employment, and relocation, which provides a structural interpretation of our empirical results and allows us to explore the role that foreclosure played in labor mobility. We find that negative home equity is not a significant barrier to job-related mobility because the benefits of accepting an out-of-area job outweigh the costs of moving. This pattern holds even if homeowners are not able to default on their mortgages. (JEL D14, G01, J61, R23, R31)

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