Innovations in Mortgage Finance and the Onset of the Great Recession in a Small Open Economy with a Euro Peg

被引：2

作者：

Andersen, Thomas Barnebeck ^{[1
]}

Malchow-Moller, Nikolaj ^{[1
]}

机构：

[1] Univ Southern Denmark, Dept Econ & Business, Campusvej 55, DK-5230 Odense M, Denmark

来源：

COMPARATIVE ECONOMIC STUDIES | 2015年 / 57卷 / 04期

关键词：

global financial crisis; great recession; currency peg; financial innovation; adjustable-rate mortgages;

D O I：

10.1057/ces.2015.10

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The Global Financial Crisis (GFC) of 2008 hit Denmark particularly hard. In this paper we argue that a combination of innovation in mortgage finance and the need to defend a euro-exchange rate peg was partly responsible. Sustained pressure against the Danish krone forced the central bank to increase policy interest rates consecutively in the last quarter of 2008. Monetary tightening in the midst of the GFC deepened the ongoing recession for the usual Keynesian aggregate demand reasons. Innovations in mortgage finance, which had made the economy more sensitive to changes in the policy rate, exacerbated this effect.

引用

页码：711 / 734

页数：24

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