Credit Supply and Housing Speculation

被引:31
作者
Mian, Atif [1 ,2 ]
Sufi, Amir [2 ,3 ]
机构
[1] Princeton Univ, Princeton, NJ 08544 USA
[2] NBER, Cambridge, MA 02138 USA
[3] Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA
关键词
LEVERAGE; BEHAVIOR; BUBBLES; MARKET; BOOMS; CYCLE; DEBT; RISK;
D O I
10.1093/rfs/hhab034
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Credit supply expansion boosts housing speculation and amplifies the housing cycle. The surge in private-label mortgage securitization in 2003 fueled a large expansion in mortgage credit supply by lenders financed with noncore deposits. Areas more exposed to these lenders experienced a large relative rise in transaction volume driven by a small group of speculators, and these areas simultaneously witnessed an amplified housing boom and bust. Consistent with the importance of belief heterogeneity, house price growth expectations of marginal buyers rose during the boom, while housing market pessimism among the general population increased.
引用
收藏
页码:680 / 719
页数:40
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