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A Model of Mortgage Credit

Author

Listed:
  • Addison-Smyth, Diarmaid

    (Central Bank and Financial Services Authority of Ireland)

  • McQuinn, Kieran

    (Central Bank and Financial Services Authority of Ireland)

  • O' Reilly, Gerard

    (Central Bank and Financial Services Authority of Ireland)

Abstract

The emergence and proliferation of the international financial crisis since mid-2007 has, amongst other issues, refocussed attention on the interrelationship between mortgage credit availability and house prices. A growing body of opinion is now of the view that the increase in credit availability internationally was a primary contributor to the rate of house price increases witnessed in many OECD countries over the past 10 years. House price growth in the UK over this period was to the fore of that experienced across countries, while the Anglo- Saxon system of banking was characterised by a significant degree of financial innovation yielding greater credit provision. In this paper we propose a simple intuitive model, which seeks to quantify the impact of credit market disequilibrium on UK house prices over the period 1992 - 2008.

Suggested Citation

  • Addison-Smyth, Diarmaid & McQuinn, Kieran & O' Reilly, Gerard, 2009. "A Model of Mortgage Credit," Research Technical Papers 6/RT/09, Central Bank of Ireland.
    • Handle: RePEc:cbi:wpaper:6/rt/09
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    File URL: https://centralbank.ie/docs/default-source/publications/research-technical-papers/6rt09---a-model-of-mortgage-credit-(addison-smyth-mcquinn-and-o'reilly).pdf?sfvrsn=4
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    1. Addison-Smyth, Diarmaid & McQuinn, Kieran & O'Reilly, Gerard, 2009. "Modelling Credit in the Irish Mortgage Market," The Economic and Social Review, Economic and Social Studies, vol. 40(4), pages 371-392.

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