The Cost of Consumer Collateral: Evidence From Bunching

IF 6.6 1区经济学 Q1 ECONOMICS

Econometrica Pub Date : 2025-06-10 DOI:10.3982/ECTA22303

Benjamin L. Collier, Cameron M. Ellis, Benjamin J. Keys

引用次数: 0

Abstract

How do collateral requirements impact consumer borrowing behavior? Using administrative loan application and performance data from the U.S. Federal Disaster Loan Program, we exploit a loan amount threshold above which households must post their residence as collateral. Our bunching estimates suggest that the median borrower is willing to give up 40% of their loan amount to avoid posting collateral. Exploiting time variation in the threshold, we estimate collateral causally reduces default rates by 36%. Finally, we structurally estimate households' attachment to their homes, net of any equity, and find a median value of $11,000. Attachment creates a wedge between lender and borrower valuation of collateral of 15%. Our results explain high perceived default costs in the mortgage market, and document the importance of collateral for reducing moral hazard in consumer credit markets.

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消费者抵押品的成本：来自聚类的证据

抵押品要求如何影响消费者的借贷行为？使用来自美国联邦灾难贷款计划的行政贷款申请和绩效数据，我们利用了一个贷款金额门槛，超过该门槛的家庭必须将其住宅作为抵押品。我们的聚类估计表明，中位数借款人愿意放弃40%的贷款金额，以避免提供抵押品。利用阈值的时间变化，我们估计抵押品会使违约率降低36%。最后，我们从结构上估计了家庭对房屋的依恋，扣除任何权益，并发现中值为11,000美元。附加条款在贷款方和借方之间制造了一个楔子，对抵押品的估值为15%。我们的研究结果解释了抵押贷款市场的高感知违约成本，并记录了抵押品对降低消费信贷市场道德风险的重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Econometrica 社会科学-数学跨学科应用

CiteScore

11.00

自引率

3.30%

发文量

审稿时长

6-12 weeks

期刊介绍： Econometrica publishes original articles in all branches of economics - theoretical and empirical, abstract and applied, providing wide-ranging coverage across the subject area. It promotes studies that aim at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking. It explores a unique range of topics each year - from the frontier of theoretical developments in many new and important areas, to research on current and applied economic problems, to methodologically innovative, theoretical and applied studies in econometrics. Econometrica maintains a long tradition that submitted articles are refereed carefully and that detailed and thoughtful referee reports are provided to the author as an aid to scientific research, thus ensuring the high calibre of papers found in Econometrica. An international board of editors, together with the referees it has selected, has succeeded in substantially reducing editorial turnaround time, thereby encouraging submissions of the highest quality. We strongly encourage recent Ph. D. graduates to submit their work to Econometrica. Our policy is to take into account the fact that recent graduates are less experienced in the process of writing and submitting papers.