Unsecured credit markets are not insurance markets
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
Author(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 83-103 |
| Journal / Publication | Journal of Monetary Economics |
| Volume | 56 |
| Issue number | 1 |
| Publication status | Published - Jan 2009 |
| Externally published | Yes |
Link(s)
Abstract
We study the extent to which unsecured credit markets have altered the transmission of increased income risk to consumption variability over the past several decades. We find that unsecured credit markets pass through increased income risk to consumption, irrespective of bankruptcy policy and the information possessed by lenders. If risk sharing has indeed improved over this period, the reasons do not therefore lie in the unsecured credit market. © 2008 Elsevier B.V.
Research Area(s)
- Asymmetric information, Bankruptcy, Default, Risk sharing
Citation Format(s)
Unsecured credit markets are not insurance markets. / Athreya, Kartik; Tam, Xuan S.; Young, Eric R.
In: Journal of Monetary Economics, Vol. 56, No. 1, 01.2009, p. 83-103.
In: Journal of Monetary Economics, Vol. 56, No. 1, 01.2009, p. 83-103.
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
