The Cost of Home Mortgage Credit during the 1980s
研究1980年代美国倒闭或濒临倒闭的储蓄贷款机构是否系统性地低估了住房抵押贷款的成本，发现这些机构提供的贷款利率显著低于正常机构。
This paper examines the extent to which failing or failed S&Ls systematically mispriced the cost of home mortgage credit during the 1980s. Several researchers have argued that the moral hazard problem associated with deposit insurance caused bankrupt S&Ls during the 1980s to take on high risk, high return projects and engage in aggressive underwriting practices. The authors' empirical results suggest that residential home mortgage borrowers paid a significantly lower rate at failing or failed S&Ls during the 1980s than they paid at solvent S&Ls. Copyright 1995 by Ohio State University Press.