Professor Huyen Nguyen, PhD

Current Position

since 1/20

Head of the Research Group The Financial Economics of Real Estate Markets and Regulation

Halle Institute for Economic Research (IWH) – Member of the Leibniz Association

since 10/19

Economist in the Department of Financial Markets

Halle Institute for Economic Research (IWH) – Member of the Leibniz Association

since 10/19

Assistant Professor

Friedrich Schiller University Jena

Research Interests

  • financial development
  • banking regulation
  • mortgage market

Huyen Nguyen is a member of the Department of Financial Markets at IWH as well as Assistant Professor of Financial Economics at Friedrich Schiller University Jena since October 2019. Her research focuses on mortgage markets, banking regulation and supervision, and financial economics.

Huyen Nguyen received her bachelor's degree from Foreign Trade University of Vietnam, her master's degree from Bangor University, and her PhD from University of Nottingham. Prior to joining IWH, Huyen Nguyen was a Senior Research Associate at the University of Bristol, as well as a visiting scholar at the Bank of England, Deutsche Bundesbank, and the International Monetary Fund.

Your contact

Professor Huyen Nguyen, PhD
Mitglied - Department Financial Markets
Send Message +49 345 7753-756 Personal page

Publications

Working Papers

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To Securitise or to Price Credit Default Risk?

Huyen Nguyen Danny McGowan

in: IWH Discussion Papers, No. 10, 2020

Abstract

We evaluate lenders‘ incentives to mitigate credit default risk through pricing or securitisation. Exploiting exogenous variation in credit default risk created by differences in foreclosure law along US state borders, we find that lenders in the mortgage market respond to the law in heterogeneous ways. In the agency market where the GSEs mandate a common interest rate policy, foreclosure law provokes a 4.5% increase in securitisation rates but does not affect interest rates. For nonagency loans where market participants demand risk premium, foreclosure law does not incentivise lenders to transfer the risk through the use of securitisation but causes a 625 basis point increase in interest rates. The results highlight how the GSEs‘ common interest rate policy inhibits lenders‘ risk-based pricing incentives, increases the GSEs‘ debt holdings by $70 billion per annum, and exposes taxpayers to preventable losses in the housing market.

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