When Housing Markets Meet Shadow Banking:Bubbles, Mortgages, Securitization, and Fintech

Rose Neng Lai and Robert A Van Order
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Robert A Van Order: George Washington University, USA

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: This book contends that the housing markets and shadow banking have been involved in a kind of "dance" over the last two decades. It traces this dance to be between the roles of mortgage markets since the 1980s in both the US and China and the developments of securitization and "shadow banks." It gives side-by-side comparisons between the two and suggests that house price dynamics have been similar, but also quite different. Both had booms. The US had a bubble that burst around 2007 — after prices became quite high relative to rents and then crashed. However, Chinese housing markets, which had a similar run-up, did not have a burst bubble. Rather, the rising property values appear to have been from space becoming more valuable as reflected in rent growth. In the US, prices chased prices; in China, prices chased rents.

Keywords: Housing Market Bubbles; Mortgage Markets; Shadow Banking; Securitization; US Housing Markets; Chinese Housing Markets; Fintech (search for similar items in EconPapers)
JEL-codes: G21 L85 R3 R31 (search for similar items in EconPapers)
Date: 2024
ISBN: 9789811283871
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