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Financial innovations and the stability of the housing market
External Authors
Allen, F
Barth, James R
Yago, G
Related Themes
Macro-Economic Dynamics and PolicyJournal
National Institute Economic Review, No. 230
External Resources
Abstract:
The recent crisis has underlined the importance of the interaction of financial innovations and the housing market. We consider five major innovations relevant to housing finance. These are (i) mortgages; (ii) specialised housing finance institutions; (iii) government interventions in housing finance in the US during the Great Depression; (iv) covered bonds; and (v) securitised mortgages. The history of these innovations and their positive and negative aspects are discussed. Future innovations to help the stability of the housing market are also suggested.
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