Financial Innovations and the Stability of the Housing Market

Franklin Allen, James Barth and Glenn Yago

National Institute Economic Review, 2014, vol. 230, issue 1, R16-R33

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.

Keywords: mortgages; housing finance institutions; covered bonds; securitisation (search for similar items in EconPapers)
JEL-codes: G01 G21 G23 G28 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (1)

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Journal Article: Financial Innovations and the Stability of the Housing Market (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:niesru:v:230:y:2014:i:1:p:r16-r33

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