Housing markets and the financial crisis of 2007-2009: Lessons for the future

被引：125
|
作者：
Duca, John V. [1 ,2 ]
Muellbauer, John [3 ]
Murphy, Anthony [4 ]
机构：
[1] Fed Reserve Bank Dallas, Res Dept, Dallas, TX 75265 USA
[2] So Methodist Univ, Dallas, TX 75275 USA
[3] Univ Oxford, Nuffield Coll, Oxford OX1 1NF, England
[4] Univ Oxford, Hertford Coll, Oxford OX1 3BW, England
来源：
JOURNAL OF FINANCIAL STABILITY | 2010年 / 6卷 / 04期
关键词：
Financial crisis; House prices; Credit crunch; Subprime mortgages; RESIDENTIAL CONSTRUCTION; AFFECT CONSUMPTION; PRICE ELASTICITY; TAX SUBSIDIES; WEALTH; EQUITY; IMPACT; EXPECTATIONS; EFFICIENCY; BRITAIN;
D O I：
10.1016/j.jfs.2010.05.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
An unsustainable weakening of credit standards induced a US mortgage lending and housing bubble, whose consumption impact was amplified by innovations altering the collateral role of housing. In countries with more stable credit standards, any overshooting of construction and house prices owed more to traditional housing supply and demand factors. Housing collateral effects on consumption also varied, depending on the liquidity of housing wealth. Lessons for the future include recognizing the importance of financial innovation, regulation, housing policies, and global financial imbalances for fueling credit, construction, house price and consumption cycles that vary across countries. (C) 2010 Elsevier B.V. All rights reserved.
引用
收藏
页码：203 / 217
页数：15
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