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Ouazad, Amine; Rancière, Romain - C.E.P.R. Discussion Papers - 2011

How do credit standards on the mortgage market affect neighbourhood choice and the resulting level of urban segregation …-2006 mortgage credit boom on the level of school segregation. Census tract racial composition is strongly correlated with the racial … composition of the 10 closest schools in the cross section. Matching a national data set of mortgage originations with annual …

Persistent link: https://www.econbiz.de/10008873328

Moral and Social Constraints to Strategic Default on Mortgages

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

We use survey data to study American households’ propensity to default when the value of their mortgage exceeds the … value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing … the house. Yet, 17% of households would default, even if they can afford to pay their mortgage, when the equity shortfall …

Persistent link: https://www.econbiz.de/10005039578

Winners and Losers in Housing Markets

Kiyotaki, Nobuhiro; Michaelides, Alexander; Nikolov, Kalin - C.E.P.R. Discussion Papers - 2010

This paper is a quantitatively-oriented theoretical study into the interaction between housing prices, aggregate production, and household behavior over a lifetime. We develop a life-cycle model of a production economy in which land and capital are used to build residential and commercial real...

Persistent link: https://www.econbiz.de/10011083522

Circular Migration: Counts of Exits and Years Away from the Host Country

Constant, Amelie; Zimmermann, Klaus F - C.E.P.R. Discussion Papers - 2007

The economic literature has largely overlooked the importance of repeat and circular migration. The paper studies this behaviour by analyzing the number of exits and the total number of years away from the host country using count data models and panel data from Germany. More than 60% of...

Persistent link: https://www.econbiz.de/10005067439

Legal Status at Entry, Economic Performance and Self-Employment Proclivity: A Bi-National Study of Immigrants

Constant, Amelie; Zimmermann, Klaus F - C.E.P.R. Discussion Papers - 2006

There are concerns about the attachment of immigrants to the labor force, and the potential policy responses. This paper uses a bi-national survey on immigrant performance to investigate the sorting of individuals into full-time paid-employment and entrepreneurship and their economic success....

Persistent link: https://www.econbiz.de/10005123900

Banking Integration and House Price Comovement

Landier, Augustin; Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2013

The correlation across US states in house price growth increased dramatically between 1976 and 2000. This paper shows that the contemporaneous geographic integration of the US banking market, via the emergence of large banks, was a primary driver of this phenomenon. To this end, we first...

Persistent link: https://www.econbiz.de/10011083771

Banking Integration and House Price Comovement

Landier, Augustin; Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2014

The correlation across US states in house price growth increased steadily between 1976 and 2000. This paper shows that the contemporaneous geographic integration of the US banking market, via the emergence of large banks, was a primary driver of this phenomenon. To this end, we first...

Persistent link: https://www.econbiz.de/10011145450

Isolation and Subjective Welfare

Fafchamps, Marcel; Shilpi, Forhad - C.E.P.R. Discussion Papers - 2006

Using detailed geographical and household survey data from Nepal, this article investigates the relationship between isolation and subjective welfare. This is achieved by examining how distance to markets and proximity to large urban centers affect responses to questions about income and...

Persistent link: https://www.econbiz.de/10005123751

Peer Effects, Risk Pooling, and Status Seeking: What Explains Gift Spending Escalation in Rural China?

Chen, Xi; Kanbur, Ravi; Zhang, Xiaobo - C.E.P.R. Discussion Papers - 2012

It has been widely documented that the poor spend a significant proportion of their income on gifts even at the expense of basic consumption. We test three competing explanations of this phenomenon--peer effect, status concern, and risk pooling--based on a census-type primary household survey in...

Persistent link: https://www.econbiz.de/10011084405

Nursery Cities: Urban Diversity, Process Innovation, and the Life-Cycle of Products

Duranton, Gilles; Puga, Diego - C.E.P.R. Discussion Papers - 2000

Why are some cities specialized and others diversified? What are the advantages and disadvantages of urban specialization and diversity? To what extent does the structure of cities, and the activities of firms and people in them, change over time? How does the sectoral composition of cities...

Persistent link: https://www.econbiz.de/10005791261