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"BORROWING"
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The sock thief
\"Brazilian boy Felipe doesn't have a soccer ball. When it's his turn to bring one to school, he uses a little bit of creativity and a few socks borrowed from his neighbors\"-- Provided by publisher.
Book
Beatrix Potter & the unfortunate tale of a borrowed guinea pig
\"...when Beatrix decides to paint a picture of her neighbor's guinea pig, the magnificent Queen Elizabeth, she promises that no harm will befall the regal rodent. After all, what could possibly go wrong?\"--Provided by publisher.
BOOK
Fintech Borrowers
We study the personal credit market using unique individual-level data covering fintech and traditional lenders. We show that fintech lenders acquire market share by lending first to higher-risk borrowers and then to safer borrowers, and rely mainly on hard information to make credit decisions. Fintech borrowers are significantly more likely to default than neighbor individuals with the same characteristics borrowing from traditional financial institutions. Furthermore, they tend to experience a short-lived reduction in the cost of credit, because their indebtedness increases more than non-fintech borrowers after loan origination. However, fintech lenders’ pricing strategies are likely to take this into account.
Journal Article
Are Long-Term Fixed-Rate Mortgages Overrated?, in Economist Video
Having a long-term fixed-rate mortgage isn't as great as it might appear.
Streaming Video
The Relationship Between Economic Crises and DomesticExternal Borrowing After 1980 in Turkey
Turkey experienced economic crises in 1980, 1994, 2001, and 2008. Each crisis had different causes and consequences; however, domestic and external borrowing had a common effect of rising instability before and during each of these crises. This study investigates economic crises and the trajectory of domestic and external debts in Turkey in 1994, 2001, and 2008, analyzing each economic crisis period in five-year episodes, including two years prior to the crisis, the year of the crisis, and two years following the crisis. The relationship between economic crises anddomestic and external debt is evaluated according to the share of borrowing to total borrowing and debt burden variables. The study seeks to determine whether the trajectories of domestic and external debt indicators share similar behaviors before, during, and after the 1994, 2001, and 2008 economic crises in Turkey. The findings indicate that the amount of domestic and foreign debt, and the share of external debt to total borrowing increased in the year prior to each economic crises. Similar trends were not observed in the year of the economic crises or in the following two years. This is an indication that the debts were unsustainable prior to the economic crisis. Hence, the sustainability of debts is critical for tackling the economic crisis.
Journal Article
Houses as ATMs: Mortgage Refinancing and Macroeconomic Uncertainty
Mortgage refinancing activity associated with extraction of home equity contains a strongly countercyclical component consistent with household demand for liquidity. We estimate a structural model of liquidity management featuring countercyclical idiosyncratic labor income uncertainty, long- and short-term mortgages, and realistic borrowing constraints. We empirically evaluate its predictions for households' choices of leverage, liquid assets, and mortgage refinancing using microlevel data. Taking the observed historical paths of house prices, aggregate income, and interest rates as given, the model accounts for many salient features in the evolution of balance sheets and consumption in the cross-section of households over 2001 to 2012.
Journal Article
From Financial Crash to Debt Crisis
Newly developed historical time series on public debt, along with data on external debts, allow a deeper analysis of the debt cycles underlying serial debt and banking crises. We test three related hypotheses at both \"world\" aggregate levels and on an individual country basis. First, external debt surges are an antecedent to banking crises. Second, banking crises (domestic and those in financial centers) often precede or accompany sovereign debt crises; we find they help predict them. Third, public borrowing surges ahead of external sovereign default, as governments have \"hidden domestic debts\" that exceed the better documented levels of external debt.
Journal Article