By Philip Arestis, Peter Mooslechner, Karin Wagner (eds.)
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Extra resources for Housing Market Challenges in Europe and the United States
Example text
In general, the role of securitization in loosening credit standards in Europe was far less significant than in the US. 5 Housing markets and monetary policy Empirical literature finds that house prices are affected by interest rate changes. Economies have repeatedly been subject to asset price bubbles; sharp upturns in asset prices that depart from fundamental values eventually crash. Once again, in the midst of the current global financial crisis, both the fragility of the financial system as well as the pronounced weakness in real activity called for policy action.
Ball, M. (2002), RICS European Housing Review, RICS, London. Bean, C. (2004), Asset Prices, Monetary Policy and Financial Stability: A Central Banker’s View, speech given at the American Economic Association Annual Meeting, San Diego. S. (2002) Asset-Price ‘Bubbles’ and Monetary Policy, speech delivered at the New York Chapter of the National Association for Business Economics, New York, October 15. S. (2007) Housing, Housing Finance and Monetary Policy, in: Housing, Housing Finance, and Monetary Policy, proceedings of a symposium by the Federal Reserve Bank of Kansas City, 30 August–1 September, Jackson Hole, Wyoming, pp.
For the purpose of repaying the loan amount at the end of the term, a repayment vehicle is set up. Loans with repayment vehicles entail a higher risk than regular loans since it is always hard to forecast the repayment vehicles’ earnings trends. 3. The greatest share of the stock of mortgages to households is originated by MFIs (in the euro area about 90% (ECB, 2009)). However, non-MFIs such as pension funds and/or insurance companies are also involved in home financing of households and, furthermore, other financial intermediaries and public entities provide mortgage loans too.