EconPapers    
Economics at your fingertips  
 

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

Oscar Jorda (), Moritz Schularick () and Alan Taylor ()

No 10161, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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: business cycles; financial crises; leverage; local projections; mortgage lending; recessions (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)
New Economics Papers: this item is included in nep-ban, nep-his, nep-mac and nep-ure
Date: 2014-09
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (30) Track citations by RSS feed

Downloads: (external link)
http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=10161 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

Related works:
Journal Article: The great mortgaging: housing finance, crises and business cycles (2016) Downloads
Working Paper: The Great Mortgaging: Housing Finance, Crises, and Business Cycles (2014) Downloads
Working Paper: The Great Mortgaging: Housing Finance, Crises, and Business Cycles (2014) Downloads
Working Paper: The Great Mortgaging: Housing Finance, Crises, and Business Cycles (2014) Downloads
Working Paper: The Great Mortgaging: Housing Finance, Crises, and Business Cycles (2014) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:10161

Ordering information: This working paper can be ordered from
http://www.cepr.org/ ... rs/dp.php?dpno=10161

Access Statistics for this paper

More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().

 
Page updated 2019-09-08
Handle: RePEc:cpr:ceprdp:10161