为 COVID-19 大流行期间的不平等再融资

IF 3.9 2区经济学 Q1 Economics, Econometrics and Finance

Journal of Financial and Quantitative Analysis Pub Date : 2023-12-13 DOI:10.1017/s0022109023001059

Sumit Agarwal, Souphala Chomsisengphet, Hua Kiefer, Leonard C. Kiefer, Paolina C. Medina

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引用次数: 0

摘要

2020 年上半年，高收入和低收入借款人通过抵押贷款再融资节省的资金相差 10 倍。这是由两个因素造成的：高收入借款人比其他可比低收入借款人增加了更多的再融资活动，而且在再融资的条件下，他们获得的利率改善幅度略大。再融资的不平等随着 COVID-19 大流行的严重程度而增加，其特点是低收入借款人在申请池中的代表性不足。我们估计，收入最高的五分之一人群与市场上其他人群之间的储蓄额相差 50 亿美元。

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Refinancing Inequality During the COVID-19 Pandemic

During the first half of 2020, the difference in savings from mortgage refinancing between high- and low-income borrowers was 10 times higher than before. This was the result of two factors: high-income borrowers increased their refinancing activity more than otherwise comparable low-income borrowers and, conditional on refinancing, they captured slightly larger improvements in interest rates. Refinancing inequality increases with the severity of the COVID-19 pandemic and is characterized by an underrepresentation of low-income borrowers in the pool of applications. We estimate a difference of $5 billion in savings between the top income quintile and the rest of the market.

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来源期刊

Journal of Financial and Quantitative Analysis Multiple-

CiteScore

6.60

自引率

5.10%

发文量

131

期刊介绍： The Journal of Financial and Quantitative Analysis (JFQA) publishes theoretical and empirical research in financial economics. Topics include corporate finance, investments, capital and security markets, and quantitative methods of particular relevance to financial researchers. With a circulation of 3000 libraries, firms, and individuals in 70 nations, the JFQA serves an international community of sophisticated finance scholars—academics and practitioners alike. The JFQA prints less than 10% of the more than 600 unsolicited manuscripts submitted annually. An intensive blind review process and exacting editorial standards contribute to the JFQA’s reputation as a top finance journal.