Abstract

http://ssrn.com/abstract=757864
 
 

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The Impact of the 2001 Financial Crisis and the Economic Policy Responses on the Argentine Mortgage Market


Sumit Agarwal


National University of Singapore

Souphala Chomsisengphet


US Department of Treasury - Office of the Comptroller of the Currency (OCC)

Olivier Hassler


World Bank - Financial Sector Department


Journal of Housing Economics, Vol. 14, No. 3, pp. 242-270, 2005

Abstract:     
Following the 2001 financial crisis, the government of Argentina instituted economic policies to soften the adverse impact of the crisis on the economy. In this paper, we use loan-level data to empirically assess the impact of the currency devaluation and the economic response policies on subsequent indexation of the mortgage rates on prepayment and default patterns of residential mortgages in Argentina. On the one hand, our results reveal a significant higher prepayment rate of borrowers who are relatively wealthy or have a US$-denominated mortgage. On the other hand, we observe a significantly higher default rate of borrowers who are less wealthy or have Peso-denominated mortgage.

Keywords: Argentine mortgage market, prepayment and default, financial crisis

JEL Classification: C41, F31, G21, R20

Accepted Paper Series


Not Available For Download

Date posted: July 21, 2005  

Suggested Citation

Agarwal, Sumit and Chomsisengphet, Souphala and Hassler, Olivier, The Impact of the 2001 Financial Crisis and the Economic Policy Responses on the Argentine Mortgage Market. Journal of Housing Economics, Vol. 14, No. 3, pp. 242-270, 2005. Available at SSRN: http://ssrn.com/abstract=757864

Contact Information

Sumit Agarwal (Contact Author)
National University of Singapore ( email )
15 Kent Ridge Drive
Singapore, 117592
Singapore
8118 9025 (Phone)
HOME PAGE: http://www.ushakrisna.com
Souphala Chomsisengphet
US Department of Treasury - Office of the Comptroller of the Currency (OCC) ( email )
400 7th Street, SW
Washington, DC 20219
United States
202-649-5533 (Phone)
Olivier Hassler
World Bank - Financial Sector Department ( email )
1818 H Street, N.W.
Washington, DC 20433
United States
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