Is There a Competitive Equilibrium for the GSEs?

Autor:	Richard L. Cooperstein, Andrew Davidson
Rok vydání:	2017
Předmět:	Competition (economics) Finance Market structure business.industry Economics Collateralized mortgage obligation Secondary market Competitive equilibrium business Duopoly
Zdroj:	The Journal of Structured Finance. 23:56-64
ISSN:	2374-1325 1551-9783
DOI:	10.3905/jsf.2017.23.3.056
Popis:	Several government-sponsored enterprise (GSE) reform proposals aim to develop a market of competitive guarantors to replace the current duopoly of Fannie Mae and Freddie Mac, based on an underlying assumption that lack of competition was the primary structural flaw of the mortgage market. However, before reaching conclusions about the right market structure for mortgage guarantors, the characteristics of the mortgage market should be evaluated in a disciplined way. The authors assess the competitive structure of the mortgage market according to well-established economic principles that are further informed by recent successes and failures. They then use this framework to explore what structures actually have the best chance of meeting society’s goals.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::51e9e983f857529439c29d922dbe937c https://doi.org/10.3905/jsf.2017.23.3.056 Zobrazit plný text záznamu