Mortgage Debt and Procyclicality in the Housing Market
Ian Christensen ()
Bank of Canada Review, 2011, vol. 2011, issue Summer, 35-42
This article focuses on the role that loans backed by housing collateral play in amplifying housing booms and, more generally, procyclicality in the housing market. The author uses a model developed to include borrower and lender households, as well as a housing market, to examine the impact that altering the loan-to-value ratio (either permanently or countercyclically) might have on the volatility of house prices and mortgage debt.
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