Housing, Leverage, and Stability in the Wider Economy

David Miles

Journal of Money, Credit and Banking, 2015, vol. 47, issue S1, 19-36

Abstract: This paper explores ways in which volatility in the housing market that has damaging impacts on the financial system and the wider economy can be reduced. Alternatives to standard debt contracts to finance house purchase are considered. A form of equity loan, where repayments are linked to the value of the house, have major advantages in terms of risk reduction. The way in which such loans can be structured is analyzed.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:wly:jmoncb:v:47:y:2015:i:s1:p:19-36

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