The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Oscar Jorda, Moritz Schularick and Alan Taylor
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Moritz Schularick: University of Bonn and Centre for Economic Policy Research and Hong Kong Institute for Monetary Research

No 252014, Working Papers from Hong Kong Institute for Monetary Research

Abstract: This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the 20th century, driven by a sharp rise of mortgage lending to households. Household debt to asset ratios have risen substantially in many countries. Financial stability risks have been increasingly linked to real estate lending booms which are typically followed by deeper recessions and slower recoveries. Housing finance has come to play a central role in the modern macroeconomy.

Keywords: Leverage; Recessions; Mortgage Lending; Financial Crises; Business Cycles; Local Projections (search for similar items in EconPapers)
JEL-codes: C14 C38 C52 E32 E37 E44 E51 G01 G21 N10 N20 (search for similar items in EconPapers)
Pages: 46 pages
Date: 2014-09
New Economics Papers: this item is included in nep-ban, nep-his, nep-mac, nep-opm and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (65)

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Related works:
Journal Article: The great mortgaging: housing finance, crises and business cycles (2016)
Working Paper: The Great Mortgaging: Housing Finance, Crises, and Business Cycles (2014)
Working Paper: The Great Mortgaging: Housing Finance, Crises, and Business Cycles (2014)
Working Paper: The Great Mortgaging: Housing Finance, Crises, and Business Cycles (2014)
Working Paper: The Great Mortgaging: Housing Finance, Crises, and Business Cycles (2014)
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