Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Mortgage originators use credit score cutoff rules to determine how carefully to screen loan applicants. Recent research has hypothesized that these cutoff rules result from a securitization rule of thumb. Under this theory, an observed jump in defaults at the cutoff would imply that securitization led to lax screening. We argue instead that originators adopted credit score cutoff rules in response to underwriting guidelines from Fannie Mae and Freddie Mac and offer a simple model that rationalizes such an origination rule of thumb. Under this alternative theory, jumps in default are not evidence that securitization caused lax screening. We examine loan-level data and find that the evidence is inconsistent with the securitization rule-of-thumb theory but consistent with the origination rule-of-thumb theory. There are jumps in the number of loans and in their default rate at credit score cutoffs in the absence of corresponding jumps in the securitization rate. We conclude that credit score cutoff rules provide evidence that large securitizers were to some extent able to regulate originators' screening behavior. Terms of use: Documents in EconStor mayJEL Classifications: D82, G01, G18, G21, G24, G28.
This paper investigates the factors that have shaped the evolution of property rights institutions. Using a regression discontinuity design, I show that the divergent state laws of Ghana and Cô te d'Ivoire have had little effect on de facto property rights institutions. In contrast, the data show that these states' laws and policies have had large impacts on other economic outcomes. Furthermore, I show that part of the substantial within-country variation in property rights institutions is explained by economic factors. Areas that are more suitable for growing cocoa have a greater prevalence of land transfer rights. My findings highlight the importance of nonstate sources of norms and show that these norms do, to some extent, evolve to accommodate the changing needs of society.
We model the current system of refugee protection as a contract that bound states to provide a more efficient level of the public good of refugee protection. We show how the screening problem caused by economic migration has strengthened states' incentives to shade on their obligations under the 1951 Convention, resulting in more refoulement of refugees to their place of persecution. We also model reform schemes in which wealthy states pay poorer states to host refugees. A system that transfers refugee claimants from wealthy states to poorer states could ameliorate the screening problem by inducing self-selection among refugee claimants but would also create negative externalities for third countries. We argue that reforms in which wealthy states paid poorer states to resettle refugees from other poorer states would be more efficient than current refugee policies that focus on providing aid in refugee camps and resettling refugees from camps to wealthy states.
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