Daichi, KURASHIMA; Masashi, MIZUNAGA; Kazuhiko, ODAKI; … - Research Institute of Economy, Trade and Industry (RIETI) - 2013
By exploiting the correlation between the legal type of a property purchased as collateral and the loan to value (LTV), particularly the positive correlation between the use of the property as revolving collateral and LTV as a strong and valid instrumental variable, we identify the positive...