CAPITAL INFLOWS, FINANCIAL STRUCTURE AND HOUSING BOOMS

被引：80

作者：

Sa, Filipa ^{[1
]}

Towbin, Pascal

Wieladek, Tomasz ^{[2
]}

机构：

[1] Kings Coll London, London WC2R 2LS, England

[2] Bank England, London, England

来源：

JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION | 2014年 / 12卷 / 02期

基金：

瑞士国家科学基金会;

关键词：

G21; F32; C33; MONETARY-POLICY; VECTOR AUTOREGRESSIONS; PRICES; IDENTIFICATION; DYNAMICS; CREDIT; OUTPUT;

D O I：

10.1111/jeea.12047

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We use a panel VAR to study the effect of shocks to capital inflows, which are identified using sign restrictions, on the housing market in OECD countries. To explore how effects of these shocks change with the structure of the mortgage market and the degree of mortgage securitization, we allow the VAR coefficients to vary with mortgage-market characteristics. Our results indicate that capital-inflow shocks have a significant and positive effect on real house prices, real credit available to the private sector, and real residential investment. The responses of these variables are stronger in countries with more developed mortgage markets and in countries where securitization is allowed.

引用

页码：522 / 546

页数：25

共 41 条

[21] The Credit Crisis: Conjectures about Causes and Remedies [J].