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Titrisation des emprunts hypothécaires et bulle immobilière aux États-Unis : les origines d’une débâcle

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  • Béchir Bouzid

Abstract

[eng] Mortgage Securitization and Housing Bubble in the United States . The unprecedented growth of the mortgage credit securitization mechanisms often granted by the financial institutions to high-risk borrowers was at the heart of the housing bubble that developed in the U. S. market earlier this decade. The euphoria of the economic agents and their (ir)rational expectations that the real estate prices will continue to increase forever have contributed to sustain such a growth. The housing bubble that followed was therefore the result of these self-fulfilling expectations. In this paper we try, based on the study of certain technical and behavioral aspects of the interaction that exists between the financial sphere and the real estate market to better understand the root causes of the recent crisis. The empirical contribution of this work completes this analysis by trying to assess the long-term relationship between the variables included in the general equilibrium model of the U.S. real estate market in order to determine their respective roles in triggering, maintaining and later on in the bursting of the housing bubble. . Classification JEL : G01, G21, R21, R31. [fre] La multiplication des mécanismes de titrisation des crédits hypothécaires accordés le plus souvent à des catégories d’emprunteurs considérés à haut risque était au coeur de la bulle immobilière qui s’est développée sur le marché américain au début de cette décennie. À cela, venait s’ajouter les anticipations (ir)rationnelles des agents économiques quant à un ajustement toujours à la hausse des prix des unités d’habitation. La bulle immobilière qui s’en est suivie n’était donc que le résultat de telles anticipations auto-réalisatrices. À partir de l’examen de certaines facettes techniques et comportementales de l’interdépendance parfois opaque, qui existe entre le marché financier et celui immobilier, nous avons essayé de mieux comprendre les causes fondamentales à l’origine du déclenchement de cette crise. La partie empirique de ce travail vise à compléter une telle analyse en essayant de mieux saisir la relation de long terme entre les différentes variables intervenant dans l’équation de l’équilibre général du marché américain du logement, afin de déterminer leurs rôles dans la formation, le maintien et le cas échéant l’éclatement de la bulle immobilière. . Classification JEL : G01, G21, R21, R31.

Suggested Citation

  • Béchir Bouzid, 2010. "Titrisation des emprunts hypothécaires et bulle immobilière aux États-Unis : les origines d’une débâcle," Revue d'Économie Financière, Programme National Persée, vol. 97(2), pages 101-142.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2010_num_97_2_5395
    DOI: 10.3406/ecofi.2010.5395
    Note: DOI:10.3406/ecofi.2010.5395
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    More about this item

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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