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UID:a4c7c6d38fa69afab9942ae94fa29a07
CATEGORIES:Seminars
CREATED:20170418T180810
SUMMARY:Lunch Seminar: Jaromir Nosal - Boston College
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Credit Growth and the Financial Crisis: A New Narrative (with S. Albanesi a
 nd G. DeGiorgi)\nThe abstract:\n A broadly accepted explanation for the 200
 7-09 financial crisis emphasizes the growth in lending to subprime househol
 ds during the preceding boom. According to this view, the resulting rise in
  insolvencies and foreclosures caused the financial crisis, leading to a de
 cline in housing values and a broad contraction in credit. This paper studi
 es the evolution of household borrowing and delinquency between 1999 and 20
 13, using a large administrative panel of credit file data. Our findings su
 ggest an alternative narrative that challenges the large role of subprime c
 redit. We show that credit growth between 2001 and 2007 is concentrated in 
 the middle and high quartiles of the credit score distribution. Borrowing b
 y individuals with low credit score is virtually constant for all debt cate
 gories during the boom. We also find that the rise in defaults during the f
 inancial crisis is concentrated in the middle and upper quartiles of the cr
 edit score distribution, and the fraction of defaults to the lowest quartil
 e of of the credit score distribution sizably drops during the crisis. We d
 iscuss the broader implications of these findings for the role of housing c
 ollateral in the propagation of the crisis.\n
DTSTAMP:20260407T105620Z
DTSTART:20160624T130000Z
DTEND:20160624T140000Z
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TRANSP:OPAQUE
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