The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers
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下载链接：
https://www.nber.org/papers/w16586
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资源简介：
This paper explores the practice of mortgage refinancing in a dynamic competitive lending model with risky borrowers and costly default. We show that prepayment penalties improve welfare by ensuring longer-term lending contracts, which prevents the mortgage pools from becoming disproportionately
提供机构：
美国国家经济研究局
创建时间：
2010-12-01
