Did bankruptcy reform lead to looser mortgage lending standard? : evidence from the U. S. mortgage market 2000-2007

Resumen: El presente trabajo intenta encontrar una causa exógena al deterioro, a partir de 2005, en los estándares de crédito hipotecario que contribuyeron a la crisis subprime en los Estados Unidos. Sostenemos que la nueva provisión de la prueba de medios de la ley Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) de 2005 fue dicho shock exógeno en el mercado hipotecario. Mostramos que la prueba de medios, que impide solicitar la bancarrota bajo Chapter 7 a los deudores con mayores ingresos relativos, causó un desplazamiento de la oferta de crédito hipotecario de deudores con mayores ingresos a deudores con menores ingresos relativos. Simultáneamente, observamos que todos los deudores debieron pagar tasas de interés más altas, independientemente del nivel de ingresos. Nuestros resultados implican que la ley BAPCPA podría ser un factor que contribuyó al deterioro en los estándares de crédito en el mercado hipotecario de los Estados Unidos.

The open parliament in the age of the internet : can the people now collaborate with legislatures in lawmaking?

This work seeks to address those questions and evaluate other international experiences and experiments designed to achieve the same ends. The book is based on a study of two particular cases where parliamentary bodies designed and implemented participatory digital processes, namely, the e-Democracy Program developed by the Brazilian House of Representatives, and the Virtual Senator Program developed by the Chilean Senate. The text unfolds in the form of a systematic analysis of institutional aspects embracing political and organizational elements as well as the social aspects associated to the application of digital democracy in parliaments. The investigation shows that at the stage they found themselves in 2010 those projects had only brought in very incipient results in regard to the aspects of enhancing representativity in decision making processes, aggregating collective intelligence to the legislative process or transparency to parliamentary performances, even though all of those are precious components of any democracy that deems itself to be participatory and deliberative. Nevertheless, such experiences have had the merit of contributing towards the gradual construction of more effective participatory mechanisms, complementary to the political representation system in place.