英语翻译Equilibrium in the Mortgage Security Market The nature o
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英语翻译
Equilibrium in the Mortgage Security Market
The nature of the equilibrium established in the market for mortgage securities will depend on the competitive conditions in this market.If the market operates in a perfectly competitive fashion,then equilibrium is determined by applying the zero profit condition to equation (1):
(2) P (X) = P s(X) = P (X) + C(x).
This is illustrated in Figure 1 at the quantity X* and the security price P*,implying a mortgage price P' = P* - C(x).
In a forthcoming paper,Hermalin and Jaffee [1995] discuss the competitive conditions in the markets for residential mortgage securitization in the United States.They find that highly competitive conditions exist in the supply of mortgages to the conduits and in the demand for mortgage securities by investors.
Equilibrium in the Mortgage Security Market
The nature of the equilibrium established in the market for mortgage securities will depend on the competitive conditions in this market.If the market operates in a perfectly competitive fashion,then equilibrium is determined by applying the zero profit condition to equation (1):
(2) P (X) = P s(X) = P (X) + C(x).
This is illustrated in Figure 1 at the quantity X* and the security price P*,implying a mortgage price P' = P* - C(x).
In a forthcoming paper,Hermalin and Jaffee [1995] discuss the competitive conditions in the markets for residential mortgage securitization in the United States.They find that highly competitive conditions exist in the supply of mortgages to the conduits and in the demand for mortgage securities by investors.
平衡在抵押担保品市场上
在市场上建立的平衡的本质为抵押担保品在这个市场上将取决于竞争条件.如果市场经营完全竞争时尚,则平衡取决于申请零的赢利情况于式(1) :
(2) P (x) = P s (X) = P (x) + C (x).
这在表1被说明以数量X*和证券价格P*,暗示抵押价格P = P* - C (x).
在一张即将到来的纸,Hermalin和Jaffee [1995年]在市场上在美国谈论竞争条件为住宅抵押贷款安全性.他们发现高度竞争情况存在于抵押供应到输送管道和于对抵押担保品的需求由投资者.
在市场上建立的平衡的本质为抵押担保品在这个市场上将取决于竞争条件.如果市场经营完全竞争时尚,则平衡取决于申请零的赢利情况于式(1) :
(2) P (x) = P s (X) = P (x) + C (x).
这在表1被说明以数量X*和证券价格P*,暗示抵押价格P = P* - C (x).
在一张即将到来的纸,Hermalin和Jaffee [1995年]在市场上在美国谈论竞争条件为住宅抵押贷款安全性.他们发现高度竞争情况存在于抵押供应到输送管道和于对抵押担保品的需求由投资者.
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