{"title":"抵押贷款创新与房价暴涨","authors":"Claes Bäckman, Chandler Lutz","doi":"10.2139/ssrn.2699824","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":"121 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2021-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":"{\"title\":\"Mortgage Innovation and House Price Booms\",\"authors\":\"Claes Bäckman, Chandler Lutz\",\"doi\":\"10.2139/ssrn.2699824\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"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.\",\"PeriodicalId\":21047,\"journal\":{\"name\":\"Real Estate eJournal\",\"volume\":\"121 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-06-17\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"3\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Real Estate eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2699824\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Real Estate eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2699824","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
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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