دانلود مقاله ISI انگلیسی شماره 51514
ترجمه فارسی عنوان مقاله

یکپارچگی مالی، مسکن و بی ثباتی اقتصاد

عنوان انگلیسی
Financial integration, housing, and economic volatility ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
51514 2015 17 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Economics, Volume 115, Issue 1, January 2015, Pages 25–41

ترجمه کلمات کلیدی
مسکن؛ یکپارچگی مالی؛ رونق شیل
کلمات کلیدی انگلیسی
G2Housing; Financial integration; Shale booms
پیش نمایش مقاله
پیش نمایش مقاله  یکپارچگی مالی، مسکن و بی ثباتی اقتصاد

چکیده انگلیسی

The Great Recession illustrates the sensitivity of the economy to housing. This paper shows that financial integration, fostered by securitization and nationwide branching, amplified the positive effect of housing price shocks on the economy during the 1994–2006 period. We exploit variation in credit supply subsidies across local markets from government-sponsored enterprises to measure housing price changes unrelated to fundamentals. Using this instrument, we find that house price shocks spur economic growth. The effect is larger in localities more financially integrated, through both secondary loan market and bank branch networks. Financial integration thus raised the effect of collateral shocks on local economies, increasing economic volatility.