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The Housing and Credit Bubbles in the United States and Europe: A Comparison

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  • 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.

Suggested Citation

  • Susan Wachter, 2015. "The Housing and Credit Bubbles in the United States and Europe: A Comparison," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S1), pages 37-42, March.
  • Handle: RePEc:wly:jmoncb:v:47:y:2015:i:s1:p:37-42
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    File URL: http://hdl.handle.net/10.1111/jmcb.12188
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    Cited by:

    1. Wegener, Christoph & Kruse, Robinson & Basse, Tobias, 2019. "The walking debt crisis," Journal of Economic Behavior & Organization, Elsevier, vol. 157(C), pages 382-402.
    2. repec:bla:coecpo:v:37:y:2019:i:1:p:121-137 is not listed on IDEAS
    3. Martinez-Miera, David & Repullo, Rafael, 2019. "Monetary policy, macroprudential policy, and financial stability," Working Paper Series 2297, European Central Bank.
    4. Simona Malovana, 2018. "The Pro-Cyclicality of Risk Weights for Credit Exposures in the Czech Republic," Working Papers 2018/12, Czech National Bank.
    5. Nocera, Andrea & Roma, Moreno, 2017. "House prices and monetary policy in the euro area: evidence from structural VARs," Working Paper Series 2073, European Central Bank.
    6. John V. Duca & Lilit Popoyan & Susan M. Wachter, 2019. "Real Estate And The Great Crisis: Lessons For Macroprudential Policy," Contemporary Economic Policy, Western Economic Association International, vol. 37(1), pages 121-137, January.
    7. Yu Hsing, 2016. "Is Real Depreciation Expansionary? The Case of Ireland," Bulletin of Applied Economics, Risk Market Journals, vol. 3(1), pages 1-9.

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