Determinants of the ARM Share of National and Regional Lending
The authors model the ARM share of mortgage lending and provide several unique contributions to the mortgage choice literature. First, they motivate the use of the price spread between fixed- and adjustable-rate credit as a regressor by constraining the effect of FRM and ARM prices to be symmetric and show that the data support this restriction. Second, their data span a far longer time period (six years) than previous research. Third, they estimate separate share equations by region, allowing them to contrast geographic variation in ARM shares. Fourth, they examine the effect of convertible ARMs--which became prevalent in mid-1987--on overall ARM lending. Copyright 1992 by Kluwer Academic Publishers
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