Housing, leverage, and stability in the wider economy
File(s)
Accepted version
Author(s)
Miles, D
Type
Journal Article
Abstract
This paper explores ways in which volatility in the housing market that has damaging impacts on the financial system and the wider economy can be reduced. Alternatives to standard debt contracts to finance house purchase are considered. A form of equity loan, where repayments are linked to the value of the house, have major advantages in terms of risk reduction. The way in which such loans can be structured is analyzed.
Date Issued
2015-03-29
Date Acceptance
2014-07-23
Citation
Journal of Money Credit and Banking, 2015, 47 (S1), pp.19-36
ISSN
1538-4616
Publisher
Wiley
Start Page
19
End Page
36
Journal / Book Title
Journal of Money Credit and Banking
Volume
47
Issue
S1
Copyright Statement
© 2015 The Ohio State University. This is the peer reviewed version of the following article: MILES, D. (2015), Housing, Leverage, and Stability in the Wider Economy. Journal of Money, Credit and Banking, 47: 19–36, which has been published in final form at https://dx.doi.org/10.1111/jmcb.12187. This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving (http://olabout.wiley.com/WileyCDA/Section/id-820227.html#terms).
Subjects
Social Sciences
Business, Finance
Economics
Business & Economics
E44
G21
Housing
Mortgages
Debt Contracts
Publication Status
Published
Date Publish Online
2015-03-29