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RBA Glossary definition for financial institution
financial institution – A company whose primary function is to intermediate between lenders and borrowers in the economy.
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The Effect of Credit Constraints on Housing Prices: (Further) Evidence from a Survey Experiment
31 Jan 2023
RDP
2023-01
credit, financial stability, households, housing, interest rates. The response of housing prices to financing conditions is determined by the effect on the marginal buyer, not the average household.
https://www.rba.gov.au/publications/rdp/2023/2023-01.html
Appendix C: Modelling
31 Jan 2023
RDP
2023-01
The fitted distribution can be thought of as the heterogeneity that can be accounted for by the observable financial and demographic data, while the inferred distribution captures all heterogeneity in responses.
https://www.rba.gov.au/publications/rdp/2023/2023-01/appendix-c.html
The Survey Experiment
31 Jan 2023
RDP
2023-01
This ensures both a representative sample and a rich set of financial data to add to the survey responses.
https://www.rba.gov.au/publications/rdp/2023/2023-01/the-survey-experiment.html
Market Segments and Aggregation
31 Jan 2023
RDP
2023-01
There are many other demographic, location and financial variables that could be important factors in market segmentation, although they are less likely to map to a literal housing market (Figure 6).
https://www.rba.gov.au/publications/rdp/2023/2023-01/market-segments-and-aggregation.html
The Effect of Credit Constraints on Housing Prices: (Further) Evidence from a Survey Experiment
31 Jan 2023
RDP
2023-01
This ensures both a representative sample and a rich set of financial data to add to the survey responses. ... The key circumstance is likely to be the household's available financial resources compared to the collateral required for their home.
https://www.rba.gov.au/publications/rdp/2023/2023-01/full.html
Conclusion
31 Jan 2023
RDP
2023-01
Empirical modelling in the paper shows that the financial resources available to a household, relative to the required down payment, is a good predictor of the household's responsiveness to collateral ... For example, in Kaplan et al (2020) unconstrained
https://www.rba.gov.au/publications/rdp/2023/2023-01/conclusion.html
Read me file
31 Jan 2023
RDP
2023-01
RDP 2023-01: The Effect of Credit Constraints on Housing Prices: (Further) Evidence from a Survey Experiment Read me file. Tom Cusbert. January 2023. This ‘read me’ file contains the details of the supplementary material provided with RDP 2023-01
https://www.rba.gov.au/publications/rdp/2023/2023-01/read-me.html
References
31 Jan 2023
RDP
2023-01
1670. Albanesi S, G De Giorgi and J Nosal (2017), ‘Credit Growth and the Financial Crisis: A New Narrative’, NBER Working Paper No 23740. ... Mian A and A Sufi (2017), ‘Fraudulent Income Overstatement on Mortgage Applications during the Credit
https://www.rba.gov.au/publications/rdp/2023/2023-01/references.html
The Effect of Credit Constraints on Housing Prices: (Further) Evidence from a Survey Experiment
31 Jan 2023
RDP
2023-01
Research Discussion Paper – RDP 2023-01 The Effect of Credit Constraints on Housing Prices: (Further) Evidence from a Survey Experiment. Tom Cusbert. January 2023. 1.55. MB. An earlier draft of this paper formed part of my PhD dissertation at the
https://www.rba.gov.au/publications/rdp/2023/2023-01/sections.html
The Role of Collateral Constraints is Contested
31 Jan 2023
RDP
2023-01
RDP 2023-01: The Effect of Credit Constraints on Housing Prices: (Further) Evidence from a Survey Experiment 2. The Role of Collateral Constraints is Contested. Tom Cusbert. January 2023. Download the Paper 1.55. MB. The effect of collateral
https://www.rba.gov.au/publications/rdp/2023/2023-01/the-role-of-collateral-constraints-is-contested.html