Credit Supply and Housing Speculation
نویسندگان
چکیده
Abstract Credit supply expansion boosts housing speculation and amplifies the cycle. The surge in private-label mortgage securitization 2003 fueled a large credit by lenders financed with noncore deposits. Areas more exposed to these experienced relative rise transaction volume driven small group of speculators, areas simultaneously witnessed an amplified boom bust. Consistent importance belief heterogeneity, house price growth expectations marginal buyers rose during boom, while market pessimism among general population increased.
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ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 2021
ISSN: ['0893-9454', '1465-7368']
DOI: https://doi.org/10.1093/rfs/hhab034