Systemic Risk and the Refinancing Ratchet Effect
The confluence of three trends in the U.S. residential housing market - rising home prices, declining interest rates, and near-frictionless refinancing opportunities - led to vastly increased systemic risk in the financial system. Individually, each of these trends is benign, but when they occur sim...
| 主要な著者: | , , |
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| フォーマット: | Working Paper |
| 言語: | en_US |
| 出版事項: |
Cambridge, MA; Alfred P. Sloan School of Management, Massachusetts Institute of Technology
2011
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| 主題: | |
| オンライン･アクセス: | http://hdl.handle.net/1721.1/66263 |