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1 results

  • Financial Innovations and the Stability of the Housing Market

  • Franklin Allen, James R. Barth, Glenn Yago
  • Journal:
    National Institute Economic Review / Volume 230 / November 2014
    Published online by Cambridge University Press:
    01 January 2020, pp. R16-R33
    Print publication:
    November 2014

  • 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.