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สถาบันวิจัยเศรษฐกิจป๋วย อึ๊งภากรณ์
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5 May 2020
20201588636800000
No. 135

Delinquency Priority in Consumer Credit: Evidence from Thai Microdata

Abstract

This study examines the question of how consumer prioritize default across products. We find that about a third of Thai individuals who face default decisions on mortgage and non-mortgage loans choose to default on mortgage loans first. As predicted by theory, their decisions are influenced by relative debt burden and amount of housing equity, consistent with both the ability to pay and the willingness to pay channels. We also find a puzzling result that borrowers who hold older mortgage loans are more likely to default on their mortgages; we hypothesize that this is perhaps related to refinancing.

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JEL: G21G33
Tags: mortgage loanunsecured debtdelinquency prioritypecking order
The views expressed in this workshop do not necessarily reflect the views of the Puey Ungphakorn Institute for Economic Research or the Bank of Thailand.
Kanis Saengchote
Kanis Saengchote
Chulalongkorn University
Krislert Samphantharak
Krislert Samphantharak
University of California San Diego

Puey Ungphakorn Institute for Economic Research

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Phone: 0-2283-6066

Email: pier@bot.or.th

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