唧唧堂编辑二朵2014-05-14 6:10 PM

2007-2009年间的住房市场和金融危机:未来可吸取的经验教训 Housing markets and the financial crisis of 2007–2009: Lessons for the future 

论文摘要

信贷标准不可持续的弱化引发了美国抵押贷款和房地产泡沫,其消费影响被改变房屋抵押作用的创新所放大。与信贷标准更稳定的国家相比,任何建设和房价的超调更归因于传统住房供应和需求因素。根据住房财产的流动性,消费产生的住房抵押效应也各不相同。未来吸取的经验教训包括认识到因国家而异的为加速信贷,建设,房屋价格和消费周期所实施的金融创新,监管,住房政策和全球金融失衡的重要性。

Abstract 

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. 

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唧唧堂编辑二朵

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