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dc.contributor.authorBorgersen, Trond-Arne
dc.contributor.authorRobertsen, Karl
dc.date.accessioned2010-09-06T07:44:27Z
dc.date.available2010-09-06T07:44:27Z
dc.date.issued2010-09-06T07:44:27Z
dc.identifier.isbn978-82-7825-324-3
dc.identifier.issn1503-6677
dc.identifier.urihttp://hdl.handle.net/11250/148390
dc.description.abstractThis paper comments on mortgage procyclicality. A framework for credit constraints along the lines of Kiyotaki and Moore (1997) illustrates the potential regime shift in the credit risk assessments of mortgagees. Depending on the relationship between house price growth and the alternative rate of return the weight given to collateral and debt-servicing ability may vary according to the house price cycle as mortgagees engage in search-for-yield. Regime shifts might come about when house price appreciation is expected and risk assessments ignore debt-servicing ability, fuelled by competition for mortgage market shares and expansionary monetary policy. In the case of regime shifts increased house price growth might stimulate owner-occupation and LTV-ratios and induce mortgage procyclicalityen_US
dc.language.isoengen_US
dc.relation.ispartofseriesArbeidsrapport (Høgskolen i Østfold);2010:3
dc.subjectmortgageen_US
dc.subjectprocyclicalityen_US
dc.subjecthouse pricesen_US
dc.titleA comment on mortgage procyclicalityen_US
dc.typeWorking paperen_US
dc.source.pagenumber12en_US


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