Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/246002 
Autor:innen: 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
Danmarks Nationalbank Working Papers No. 181
Verlag: 
Danmarks Nationalbank, Copenhagen
Zusammenfassung: 
From 2000-2006 U.S. house prices and mortgage credit grew while the relative cost of mortgage credit fell - particularly for privately securitized mortgages - suggesting a credit supply expansion. This paper explores two (credit supply) shocks: an increased inow of global savings into the United States, and innovations in the securitization of mortgage credit. I model the interaction of financially constrained commercial banks and mortgage securitizers, generating a novel balance sheet effect: changes in the distribution ofaggregate mortgage credit quantity are linked to changes in mortgage spreads. Only innovation in securitization (direct relaxation of the securitizers' financial constraint) matches mortgage market dynamics.
Schlagwörter: 
Housing Finance
Financial Sector
USA
JEL: 
G21
G23
E21
E44
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
2.6 MB





Publikationen in EconStor sind urheberrechtlich geschützt.