Banking and Capital Markets
- Working Paper
The U.S. Dollar as an International Currency and Its Economic Effects: Working Paper 2023-04
The U.S. dollar’s status as an international currency has contributed to persistent U.S. trade deficits and, by lowering interest rates, to increased access to credit for U.S. households, businesses, and the federal government.
- Working Paper
Federal Reinsurance for Terrorism Risk and Its Effects on the Budget: Working Paper 2020-04
This paper describes CBO’s methods for estimating the costs of the federal terrorism risk insurance program. It also discusses how estimates of the program’s budgetary effects would differ if they were produced using accrual-based measures rather than cash-based measures.
- Working Paper
Inflation, Default, and the Currency Composition of Sovereign Debt in Emerging Economies: Working Paper 2017-01
In emerging market economies, governments issue debt denominated both in their own currency and in foreign currencies. This paper examines how the use of those two types of debt affects these economies.
- Working Paper
Do Large-Scale Refinancing Programs Reduce Mortgage Defaults? Evidence From a Regression Discontinuity Design: Working Paper 2015-06
In 2012, the Federal Housing Administration (FHA) reduced fees to refinance FHA-insured mortgages obtained before a retroactive deadline. We estimate that the policy will prevent more than 35,000 defaults of FHA-insured mortgages.
- Working Paper
Federal Reinsurance for Terrorism Risk in 2015 and Beyond: Working Paper 2015-04
CBO analyzed a variety of options for federal insurance against the risk of terrorism before the program was reauthorized in January 2015. This paper examines in more detail some options that might be considered in the future.
- Working Paper
Modeling the Budgetary Costs of FHA's Single Family Mortgage Insurance: Working Paper 2014-05
This paper presents the simulation model that CBO uses to project the budgetary costs of the Federal Housing Administration’s (FHA’s) single-family mortgage insurance program.
- Working Paper
Options for Principal Forgiveness in Mortgages Involving Fannie Mae and Freddie Mac: Working Paper 2013-02
CBO releases companion working paper to its report Modifying Mortgages Involving Fannie Mae and Freddie Mac: Options for Principal Forgiveness.