【房地产金融】Credit Supply and House Prices：Evidence from Mortgage Market Segm [推广有奖]

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qweqazzzz 发表于 2012-2-16 15:10:39

谢谢分享

52楼

pirlocai 发表于 2012-2-16 15:34:20

谢谢楼主分享资料！

逆水行舟，不进则退

53楼

yantaowudi666 发表于 2012-2-16 15:59:49

学习一下

54楼

wlxzddx 发表于 2012-2-16 16:09:41

研究微观机制，好东西，十分值得一看。

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后来居上1990 发表于 2012-2-16 17:06:06

摘要：We show that easier access to credit significantly increases house prices by using exogenous changes in the conforming loan limit as an instrument for lower cost of financing and higher supply. Houses that become eligible for financing with a conforming loan show an increase in house values of 1.1 dollars per square foot (for an average price per square foot of 224 dollars) and higher overall house prices controlling for a rich set of house characteristics. These coefficients are consistent with a local elasticity of house prices to interest rates below 10. In addition, loan to value ratios around the conforming loan limit deviate significantly from the common 80 percent norm, which confirms that it is an important factor in the financing choices of home buyers. In line with our interpretation, the results are stronger in the first half of our sample (1998-2001) when the conforming loan limit was more important, given that other forms of financing were less common and substantially more expensive.
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