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

页码：203 / 217

页数：15

共 50 条

[21] Fuzzy Nonlinear Dynamic Similarity Analysis of Chinese Stock Markets during 2007-2009 Financial Crisis
Wang Rui
Hui Xiao-feng
[J]. 2014 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING (ICMSE), 2014, : 1141 - 1146
[22] INTERNATIONAL TRANSMISSION OF THE 2007-2009 FINANCIAL CRISIS: EVIDENCE FROM JAPAN
Hosono, Kaoru
Takizawa, Miho
Tsuru, Kotaro
[J]. JAPANESE ECONOMIC REVIEW, 2016, 67 (03) : 295 - 328
[23] Federal Reserve Liquidity Provision during the Financial Crisis of 2007-2009
Fleming, Michael J.
[J]. ANNUAL REVIEW OF FINANCIAL ECONOMICS, VOL 4, 2012, 4 : 161 - +
[24] Causes of the great recession of 2007-2009: The financial crisis was the symptom not the disease!
Jagannathan, Ravi
Kapoor, Mudit
Schaumburg, Ernst
[J]. JOURNAL OF FINANCIAL INTERMEDIATION, 2013, 22 (01) : 4 - 29
[25] Identifying the global transmission of the 2007-2009 financial crisis in a GVAR model
Chudik, Alexander
Fratzscher, Marcel
[J]. EUROPEAN ECONOMIC REVIEW, 2011, 55 (03) : 325 - 339
[26] Single or twin? The UK financial regulatory landscape after the financial crisis of 2007-2009
Lui, Alison
[J]. JOURNAL OF BANKING REGULATION, 2012, 13 (01) : 24 - 35
[27] DISLOCATIONS IN THE WON-DOLLAR SWAP MARKETS DURING THE CRISIS OF 2007-2009
Baba, Naohiko
Shim, Ilhyock
[J]. INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 2014, 19 (04) : 279 - 302
[28] Financial Crisis Management in Higher Education: Responses by 20 Private Colleges and Universities to the 2007-2009 Financial Crisis
Dorantes, Andrew R.
Low, Justin R.
[J]. JOURNAL OF EDUCATION FINANCE, 2016, 42 (02) : 188 - 219
[29] Bank bailouts and corporate insider trading during the financial crisis of 2007-2009
Gangopadhyay, Partha
Yook, Ken C.
Haley, Joseph D.
[J]. REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 2019, 52 (01) : 35 - 83
[30] Institutional trading and stock resiliency: Evidence from the 2007-2009 financial crisis
Anand, Amber
Irvine, Paul
Puckett, Andy
Venkataraman, Kumar
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2013, 108 (03) : 773 - 797

← 1 2 3 4 5 →