Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/51626 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 5653
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
We provide a model with endogenous portfolios of secured and unsecured household debt. Secured debt is collateralized by owner-occupied housing whereas unsecured debt can be discharged according to bankruptcy regulations. We show that the calibrated model matches important quantitative characteristics of observed wealth and debt portfolios for prime-age consumers in the U.S. We then establish the quantitative result that home equity does not serve as informal collateral for unsecured debt since, as in the data, unsecured debtors hold small amounts of home equity in equilibrium. Thus, observed variations in homestead exemptions, which are an important part of U.S. bankruptcy regulation, have a small effect on the quantity and price of unsecured debt.
Schlagwörter: 
household debt portfolios
housing
collateral
bankruptcy
commitment
income risk
JEL: 
E21
D91
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
346.5 kB





Publikationen in EconStor sind urheberrechtlich geschützt.