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Financial Innovations and the Stability of the Housing Market

Author

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  • Franklin Allen
  • James R. Barth
  • Glenn Yago

Abstract

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.

Suggested Citation

  • Franklin Allen & James R. Barth & Glenn Yago, 2014. "Financial Innovations and the Stability of the Housing Market," National Institute Economic Review, National Institute of Economic and Social Research, vol. 230(1), pages 16-33, November.
    • Handle: RePEc:sae:niesru:v:230:y:2014:i:1:p:r16-r33
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    Cited by:

    1. Paukku Eelis, 2022. "How tax policies create unexpected results when interest rates are low: A case study of Finnish housing company debt and private investor return," Nordic Tax Journal, Sciendo, vol. 2022(1), pages 45-57, December.

    More about this item

    Keywords

    mortgages; housing finance institutions; covered bonds; securitisation;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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