Chapters School of Hotel Administration Collection 2006 The Financial Accelerator : Evidence from International Housing Markets
Chapters School of Hotel Administration Collection 2006 The Financial Accelerator : Evidence from International Housing Markets
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酒店管理学院精选 2006 年章节 金融加速器：来自国际住房市场的证据
DOI：
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发表时间：
2015
期刊：
影响因子：
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通讯作者：
Almeida Heitor
中科院分区：
文献类型：
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作者：
Almeida Heitor
本文展示了新的证据，通过金融约束放大资产价格和信贷需求波动的机制。它利用住房融资的合同特点来这样做。在住房需求受到抵押品可用性限制的代理人中，那些能够以其住房价值的更大部分（实现更高的贷款价值比或LTV）借款的代理人具有更大的顺周期债务能力。这种顺周期性是金融加速器机制的基础。我们的研究使用了30年来LTV比率的国际变化，以测试在家庭可以实现更高LTV比率的国家，（a）房价和（B）对新抵押贷款的需求是否对收入冲击更敏感。我们得到的结果是一致的动态抵押品为基础的金融加速器在国际住房市场。
This paper shows novel evidence on the mechanism through which financial constraints amplify fluctuations in asset prices and credit demand. It does so using contractual features of housing finance. Among agents whose housing demand is constrained by the availability of collateral, those who can borrow against a larger fraction of their housing value (achieve a higher loan-to-value, or LTV, ratio) have more procyclical debt capacity. This procyclicality underlies the financial accelerator mechanism. Our study uses international variation in LTV ratios over three decades to test whether (a) housing prices and (b) demand for new mortgage borrowings are more sensitive to income shocks in countries where households can achieve higher LTV ratios. The results we obtain are consistent with the dynamics of a collateral-based financial accelerator in international housing markets.