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Determinants of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws and Foreclosure Delays
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SEWIN CHAN ANDREW HAUGHWOUT ANDREW HAYASHI WILBERT VAN DER KLAAUW 《Journal of Money, Credit and Banking》2016,48(2-3):393-413
The mortgage default decision is part of a complex household credit management problem. We examine how factors affecting mortgage default spill over to other credit markets. As home equity turns negative, homeowners default on mortgages and home equity lines of credit at higher rates, whereas they prioritize repaying credit cards and auto loans. Larger unused credit card limits intensify the preservation of credit cards over housing debt. Although mortgage nonrecourse statutes increase default on all types of housing debt, they reduce credit card defaults. Foreclosure delays increase default rates for housing and nonhousing debts. Our analysis highlights the interconnectedness of debt repayment decisions. 相似文献
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Mitsuhiro HAYASHI 《The Developing economies》2005,43(1):39-71
This study evaluates the current achievement of industrialization in Indonesia and clarifies what the major challenges are for sustaining industrialization. This is done by examining structural changes in the economy from the period before to the period after economic crisis using the method of input‐output (I‐O) analysis. After tracing the history of economic development in Indonesia, changes in industry and trade between 1995 and 2000 are viewed using skyline chart analysis, industrial linkage analysis, and growth‐factor decomposition analysis. Results indicate that from 1995 to 2000, the manufacturing industry expanded the share of production, strengthened export orientation, and lowered import dependency. However, these phenomena appear to have resulted primarily from slumps in growth factors other than export demand as well as sharp declines in the value of the rupiah. This study shows that the current decrease of investment is a bottleneck in industrialization and indicates an urgent need for Indonesia to improve the investment environment, particularly for foreign investors. 相似文献
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KENN ARIGA MASAKO KUROSAWA FUMIO OHTAKE MASARU SASAKI 《The Japanese Economic Review》2012,63(3):348-379
We use a survey of Japanese youth within 10 years after high school graduation to investigate impacts of academic and social skills on their success in the job market. We find three major factors account for the job market outcome immediately after school: school characteristics and job‐placement services, academic performance, and social skills, including negative impacts of problematic behaviors at school. Second, when we run a probit regression on whether or not the surveyed individuals hold regular, full‐time jobs, we find the persistent but declining (over age) impact of the job placement immediately after school. Moreover, we find that the impact of variables pertaining to social skills remain significant even after controlling for the job‐placement outcome after school, whereas other variables, such as grade point average or attributes of high schools, are largely irrelevant to the current employment status. 相似文献
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FUMIO HAYASHI 《The Japanese Economic Review》1996,47(1):21-33
The first part of this paper gives a very brief and selective review of theoretical and empirical research on household consumption and saving over the last fifty years. It is argued that the recent accumulation of stylized facts about individual households calls for further development of theory. The second part reviews a model that has a potential for explanining those stylized facts. 相似文献
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This paper investigates whether the level of happiness and integrated process of changes in happiness are the same. Using the daily data of two waves of 4 and 6 months each, we found that the level of happiness is stationary, whereas the integrated process of changes is non‐stationary with a rising trend, implying that they are different series. An examination of the causes of the difference indicated that although adaptation completely influences the level of happiness, it only partially influences the change in happiness. This may be because the latter is based on a comparison between today and yesterday. 相似文献
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