University of Dallas Names New Vice President for Development and University Relations
Ashton Ellis, PhD, comes to the University of Dallas after nearly 10 years in fundraising at Hillsdale College.
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In this paper we examine the extent to which personal consumptions are sheltered from state-specific economic shocks because of banks’ mortgage loan securitizations. We posit that securitization contributes to personal consumption smoothening due to securitizations’ positive effect on banks’ credit supply, which reduces consumers’ consumption constraints during economic shocks. Using data for U. S. banks’ mortgage loan securitizations from 1989 to 2008, we show that personal consumption smoothening is positively related to securitization. The finding of a significant relationship between loan securitizations and consumption smoothening contributes to the continuing debate on the role of financial innovation in real economy.
Gu, J., Hernandez, R., Liu, P., & Shao, Y. (2015). Mortgage Loan Securitization and Personal Consumption Smoothening. Journal of Economics and Finance. “lead article” in issue.
Faculty Profile: Jenny Gu
Ashton Ellis, PhD, comes to the University of Dallas after nearly 10 years in fundraising at Hillsdale College.
+ Read MoreThanks to a Braniff student, the language of the Gospels comes alive every Monday in Anselm 224.
+ Read MoreIt took the Center for Thomas More Studies 20 years to complete the “Essential Works of Thomas More.” Now, the conference is researching More’s oeuvre piece by piece.
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