Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2018

We find that home affordability policy induces the marginal buyers to take home loans and they are more likely to be delinquent in subsequent payments. India government increased total income tax exemption limit by 50,000 INR (US $ 833) in July 2014. The sectional exemption limits for both the princ...
Keywords: homeownership subsidy, Fiscal Policy, income tax, mortgage delinquency, household financial mistakes
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2014

Identifying the effects of “flights to safety” on asset prices using pure time-series methods is difficult because crises are infrequent. We develop a new cross-sectional identification approach, motivated by the insight that investors may differ in their “preferred habitats” within a broad ...
Keywords: house prices, foreign demand, safe-haven, London, political risk, price-pressure
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

We study non-performing loan (NPL) resolution using proprietary data on NPL transactions in China. Rather than representing orderly NPL resolution, the transactions appear to reflect banks concealing non-performing assets from regulators as (i) transaction prices do not reflect underlying credit ris...
Keywords: Financial regulation, regulatory arbitrage, systemic risk, Financial Distress
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Policymaking under the pandemic pressure could be subject to cognitive heuristics, allowing the resulting policy uncertainty to influence the market negatively.Researches in economics and finance have long recognized the importance of policy uncertainty. However, most studies take policy uncertainty...
Keywords: COVID-19, Pandemic, Policymaking
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Commentaries

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Senior Fellows/Fellows, 2020, Pandemic

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