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The housing meltdown: Why did it happen in the United States?

Monetary and Economic Department

September 2008

Abstract
The crisis enveloping global nancial markets since August 2007 was triggered by actual
and prospective credit losses on US mortgages. Was the United States just unlucky to have
been the rst to experience a housing crisis? Or was it inherently more susceptible to one?
I examine the limited international evidence available, to ask how the boom-bust cycle in the
US housing market differed from elsewhere and what the underlying institutional drivers of
these differences were. Compared with other countries, the United States seems to have: built
up a larger overhang of excess housing supply; experienced a greater easing in mortgage
lending standards; and ended up with a household sector more vulnerable to falling housing
prices. Some of these outcomes seem to have been driven by tax, legal and regulatory systems
that encouraged households to increase their leverage and permitted lenders to enable that
development. Given the institutional background, it may have been that the US housing boom
was always more likely to end badly than the booms elsewhere.

需要点钱买别的书，抱歉收费。非常好的解释了美国房产的危机形成，共36页，英文。

[此贴子已经被作者于2008-10-3 13:24:39编辑过]