We study early default, defined as serious delinquency or foreclosure in the first year, among nonprime mortgages from the 2001 to 2007 vintages. After documenting a dramatic rise in such defaults and discussing their correlates, we examine two primary explanations: changes in underwriting...

This article documents macroeconomic forecasting during the global financial crisis by two key central banks: the European Central Bank and the Federal Reserve Bank of New York. The article is the result of a collaborative effort between staff at the two institutions, allowing us to study the...

Purpose – The purpose of this paper is to evaluate recent financial system reforms in the USA by placing them in the context of major structural trends currently underway in the markets, due to technology and globalization of trading. Design/methodology/approach – The paper describes trends...

Bennett P. (2006) Competing for the island lifeline: European law, state aid and regional public services, Regional Studies 40, 953-966. Ensuring the freedom to provide services in Europe often means that state subsidies for loss-making, but essential, services are subject to competitive...

Do professional forecasters provide their true unbiased estimates, or do they behave strategically? In our model, forecasters have common information, confer actively, and thus know the true pdf of future outcomes. Intensive users of economic forecasts monitor forecasters' performance closely;...

This paper examines the role of co-operative self-regulation, or co-management, in safety and environmental regulation in the shipping industry. The focus is on Protection and Indemnity (P&I) Clubs in which third-party liabilities of 90% of the world's fleet (by tonnage) are insured. In theory,...

Purpose – The purpose of this paper is to evaluate recent financial system reforms in the USA by placing them in the context of major structural trends currently underway in the markets, due to technology and globalization of trading. Design/methodology/approach – The paper describes trends...

Access to life insurance is subject to health discrimination. Whether this discrimination should take into account the results of predictive genetic tests is a topic of public debate. This paper draws from the deliberations of the Edinburgh (Scotland) Citizens' Jury on Genetic Test Results and...