The Role of Housing and Mortgage Markets in the Financial Crisis

IF 5 3区 经济学 Q1 BUSINESS, FINANCE
Manuel Adelino, A. Schoar, Felipe Severino
{"title":"The Role of Housing and Mortgage Markets in the Financial Crisis","authors":"Manuel Adelino, A. Schoar, Felipe Severino","doi":"10.1146/ANNUREV-FINANCIAL-110217-023036","DOIUrl":null,"url":null,"abstract":"Ten years after the financial crisis of 2008, there is widespread agreement that the boom in mortgage lending and its subsequent reversal were at the core of the Great Recession. We survey the existing evidence, which suggests that inflated house-price expectations across the economy played a central role in driving both the demand for and the supply of mortgage credit before the crisis. The great misnomer of the 2008 crisis is that it was not a subprime crisis but rather a middle-class crisis. Inflated house-price expectations led households across all income groups, especially the middle class, to increase their demand for housing and mortgage leverage. Similarly, banks lent against increasing collateral values and underestimated the risk of defaults. We highlight how these emerging facts have essential implications for policy.","PeriodicalId":47162,"journal":{"name":"Annual Review of Financial Economics","volume":null,"pages":null},"PeriodicalIF":5.0000,"publicationDate":"2018-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/ANNUREV-FINANCIAL-110217-023036","citationCount":"21","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Annual Review of Financial Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1146/ANNUREV-FINANCIAL-110217-023036","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 21

Abstract

Ten years after the financial crisis of 2008, there is widespread agreement that the boom in mortgage lending and its subsequent reversal were at the core of the Great Recession. We survey the existing evidence, which suggests that inflated house-price expectations across the economy played a central role in driving both the demand for and the supply of mortgage credit before the crisis. The great misnomer of the 2008 crisis is that it was not a subprime crisis but rather a middle-class crisis. Inflated house-price expectations led households across all income groups, especially the middle class, to increase their demand for housing and mortgage leverage. Similarly, banks lent against increasing collateral values and underestimated the risk of defaults. We highlight how these emerging facts have essential implications for policy.
住房和抵押贷款市场在金融危机中的作用
2008年金融危机10年后,人们普遍认为,抵押贷款的繁荣及其随后的逆转是大衰退的核心。我们调查了现有的证据,这些证据表明,在危机之前,整个经济中过高的房价预期在推动抵押贷款信贷的需求和供应方面发挥了核心作用。对2008年危机的严重用词不当之处在于,它不是次贷危机,而是中产阶级危机。过高的房价预期导致所有收入群体的家庭,尤其是中产阶级,都增加了对住房和抵押贷款杠杆的需求。同样,银行在抵押品价值上升的情况下发放贷款,低估了违约风险。我们强调这些新出现的事实如何对政策产生重要影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
CiteScore
5.00
自引率
0.00%
发文量
26
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信