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dc.contributor.authorHintermaier, Thomasen_US
dc.contributor.authorKoeniger, Winfrieden_US
dc.date.accessioned2012-02-09T14:06:25Z-
dc.date.available2012-02-09T14:06:25Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/55160-
dc.description.abstractWe provide a model with endogenous portfolios of secured and unsecured household debt. Secured debt is collateralized by durables whereas unsecured debt can be discharged in bankruptcy procedures. We show that the model matches the main quantitative characteristics of observed wealth and debt portfolios in the US and some of the observed changes over time. Furthermore, we establish two quantitative results. Firstly, modest levels of risk aversion are necessary to match observed debt portfolios. Secondly, durables do not improve consumers' access to unsecured credit, and plausible variations of durable exemptions in bankruptcy procedures have very small effects on the equilibrium.en_US
dc.language.isoengen_US
dc.publisherQueen Mary, Univ. of London, School of Economics and Finance Londonen_US
dc.relation.ispartofseriesWorking Paper // School of Economics and Finance, Queen Mary, University of London 646en_US
dc.subject.jelE21en_US
dc.subject.jelD91en_US
dc.subject.ddc330en_US
dc.subject.keywordhousehold debt portfoliosen_US
dc.subject.keyworddurablesen_US
dc.subject.keywordcollateralen_US
dc.subject.keywordincome risken_US
dc.subject.keywordbankruptcyen_US
dc.subject.stwPrivate Verschuldungen_US
dc.subject.stwKonkursen_US
dc.subject.stwKreditsicherungen_US
dc.subject.stwDauerhaftes Konsumguten_US
dc.subject.stwEinkommenen_US
dc.subject.stwRisikoen_US
dc.subject.stwUSAen_US
dc.titleDebt portfoliosen_US
dc.typeWorking Paperen_US
dc.identifier.ppn603365515en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Paper Series, School of Economics and Finance, Queen Mary, University of London

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