Systemic Risk and the Refinancing Ratchet Eﬀect∗ Amir E. Khandani†, Andrew W. Lo‡ , and Robert C. Merton§ This Draft: June 12, 2011 Abstract The confluence of rising home prices, declining interest rates, and ne - Robert C. Merton - Document - PDFSEARCH.IO

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	Systemic Risk and the Refinancing Ratchet Eﬀect∗ Amir E. Khandani†, Andrew W. Lo‡ , and Robert C. Merton§ This Draft: June 12, 2011 Abstract The confluence of rising home prices, declining interest rates, and ne Add to Reading List Document Date: 2011-09-28 10:55:57 Open Document File Size: 742,31 KB Share Result on Facebook

Systemic Risk and the Refinancing Ratchet Eﬀect∗ Amir E. Khandani†, Andrew W. Lo‡ , and Robert C. Merton§ This Draft: June 12, 2011 Abstract The confluence of rising home prices, declining interest rates, and neAdd to Reading List