Creditor rights, collateral reuse, and credit supply
利用2005年BAPCPA破产法改革，研究发现加强债权人权利会提高证券交易商的抵押品再使用，进而通过货币乘数效应增加对抵押贷款公司的信贷供给，促使后者扩大贷款规模并转向高风险产品。
Securities dealers receive mortgages as collateral for credit lines provided to mortgage companies and reuse the same collateral to borrow money. Exploiting the 2005 BAPCPA rule change, which granted mortgage collateral preferred bankruptcy treatment, I find that strengthening creditor rights increases dealers' collateral reuse. Increasing collateral reuse creates a money multiplier that increases credit supply. Using a novel dataset linking dealers to the mortgage companies they fund reveals that post-BAPCPA, dealers supply additional credit to mortgage companies by increasing credit lines and relaxing restrictions on collateral securing them. In response, mortgage companies increase origination volume and shift into riskier products.