抵押贷款创新与房价暴涨

Claes Bäckman, Chandler Lutz
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引用次数: 3

摘要

我们研究了丹麦2000年代房地产繁荣的起源,这个国家的抵押贷款融资体系与美国相似,但严格执行追索权借款和强有力的抵押贷款监管框架,限制了住房投机。只付息(IO)抵押贷款的迅速合法化点燃了繁荣。由于这些贷款的引入,房价上涨了36%,对那些预先受益更多的地区影响更大。这些结果与IO抵押贷款在大规模信贷供应扩张中减轻偿债负担的情况是一致的,这反过来又推动了房价预期和其他抵押贷款产品的进一步使用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Mortgage Innovation and House Price Booms
We study the genesis of the 2000s housing boom in Denmark, a country with a similar mortgage-finance system to the U.S., but with strictly enforced recourse borrowing and a robust regulatory mortgage lending framework that limits housing speculation. The rapid legalization of interest-only (IO) mortgages ignited the boom. Due to their introduction, house prices increased 36 percent, with larger impacts in areas with greater ex-ante benefits of such mortgages. These results are congruent with IO mortgages easing debt-service burdens in a wide-scale credit supply expansion, which in turn fueled house price expectations and the further use of alternative mortgage products.
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