Multiple Layers of Credit and Mortgage Crises

Preprint OPEN
Paula Hernandez-Verme;
(2011)
  • Subject: Endogenous default, Mortgage Crises, Payments System
    • jel: jel:E44 | jel:E52 | jel:E58

I examine a production economy with a financial sector that contains multiple layers of credit. Such layers are designed to constitute credit chains which are inclusive of a simple mortgage market. The focus is on the nature and contagion properties of credit chains in ... View more
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