Credit Rationing and the Home Mortgage Market
分析住房抵押贷款市场的信贷配给现象，认为非价格条款（如贷款价值比）在资金紧张时影响贷款分配，但以往实证研究支持不足，本文聚焦于独户住房市场与多户住房市场的差异。
ONE MARKET IN WHICH it is widely believed that credit rationing does take place is the residential mortgage market. Studies in which lenders at thrift institutions and commercial banks have been interviewed report that nonprice terms, such as the loan-to-value ratio, maturity, and the customer relationship, are used to allocate mortgage funds, especially during periods of credit restraint (see [1, 23]). Empirical studies though have not tended to support this hypothesis. Two recent studies [13, 17] have reviewed previous work on the mortgate market. The conclusion from these two studies is that investigations of the mortgage market have found little, if any, evidence that mortgage terms, other than the interest rate, influence the demand for and supply of mortgage funds, and therefore there is little evidence that the availability of funds is an important determinant of the amount of mortgage funds outstanding. The purpose of this paper is to analyze credit rationing in the home mortgage market. We believe that there are significant differences between the home and the multifamily mortgage markets (see [14]), and that credit rationing will be more important in the home mortgage market. Most previous studies of the mortgage market have used an aggregate series that included both home and multifamily mortgages (see, e.g., [20, 21]). Credit rationing is discussed in section 2. A model of the home mortgage market is