What is the relationship between the financial system and politics? In a democratic system,
what kind of control should elected governments have over the financial markets? What …

The US mortgage before the 1930s would be nearly unrecognizable today: it featured
variable interest rates, high down payments and short maturities. The authors compare the …

Household borrowing has grown considerably in many countries over the past two decades,
both in absolute terms and relative to household incomes. Much of the increase can be …

The mortgage meltdown: what went wrong and how do we fix it? Owning a home can
bestow a sense of security and independence. But today, in a cruel twist, many Americans …

This chapter examines the institutional changes in housing finance in industrialized
countries over the past 30 years, including securitization and new types of mortgage …

The book explains why the real estate and construction industries are organised in the ways
they are and then relates those characteristics to long-term market behaviour. It covers …

The crisis enveloping global financial markets since August 2007 was triggered by actual
and prospective credit losses on US mortgages. Was the United States just unlucky to have …

I show that, in a benchmark model, debt securities minimize the welfare losses associated
with the moral hazards of excessive risk-taking and lax effort. For any security design, the …

This article discusses the case of securitization in Islamic finance to tease out what is
universal and what is specific about this technique. To do this, the article frames the spatial …

We examine the real effects of credit shocks using a series of structural vector
autoregressive models estimated on the basis on a new quarterly data set for Denmark …