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The Housing and Credit Bubbles in the United States and Europe: A Comparison |
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| Authors: | SUSAN WACHTER |
| Abstract: | A house price boom occurred simultaneously in the United States and in a number of European countries from 2003 to 2007, accompanied in each case by an expansion in housing finance. This article considers the role of financial innovation along with incomplete markets in these cycles. |
| Keywords: | E44 F34 F65 G01 G18 G28 house price bubble mortgage securitization financial accelerator market failure |
