IDEAS home Printed from https://ideas.repec.org/p/nbr/nberwo/0739.html
   My bibliography  Save this paper

Housing Finance in the United States in the Year 2001

Author

Listed:
  • Patric H. Hendershott
  • Kevin E. Villani

Abstract

This paper proceeds as follows. We first identify the essential services provided by a financial system and then derive the characteristics of the system that would exist in a technologically advanced society unfettered by nonneutral taxes and regulations. Next we consider how taxes and regulations have shaped the existing American financial structure. Finally, we posit likely tax and regulatory changes and conjecture as to how technological innovation will further interact with these changes to alter the American financial system. Our basic contentions are that the tax and regulatory influences are eroding and that the system will eventually move toward the unfettered financial system described in the first section.

Suggested Citation

  • Patric H. Hendershott & Kevin E. Villani, 1981. "Housing Finance in the United States in the Year 2001," NBER Working Papers 0739, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:0739
    Note: ME
    as

    Download full text from publisher

    File URL: http://www.nber.org/papers/w0739.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Rosen, Harvey S & Rosen, Kenneth T, 1980. "Federal Taxes and Homeownership: Evidence from Time Series," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 59-75, February.
    2. Kane, Edward J, 1970. "Short-Changing the Small Saver: Federal Government Discrimination against the Small Saver During the Vietnam War," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 2(4), pages 513-522, November.
    3. Patric H. Hendershott & Kevin E. Villani, 1980. "Residential Mortgage Markets and the Cost of Mortgage Funds," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 8(1), pages 50-76, March.
    4. Stanley Fischer, 1979. "Corporate Supply of Index Bonds," NBER Working Papers 0331, National Bureau of Economic Research, Inc.
    5. Patric H. Hendershott & Kevin E. Villani, 1978. "Regulation and Reform of the Housing Finance System," Books, American Enterprise Institute, number 937722, September.
    6. K. J. Arrow, 1964. "The Role of Securities in the Optimal Allocation of Risk-bearing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 31(2), pages 91-96.
    7. Patric H. Hendershott & Kevin E. Villani, 1981. "Savings and Loan Usage of the Authority to Invest in Corporate Debt," NBER Working Papers 0725, National Bureau of Economic Research, Inc.
    8. Patric H. Hendershott, 1980. "Real User Costs and the Demand for Single-Family Housing," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 11(2), pages 401-452.
    9. Brunner, Karl & Meltzer, Allan H, 1971. "The Uses of Money: Money in the Theory of an Exchange Economy," American Economic Review, American Economic Association, vol. 61(5), pages 784-805, December.
    10. John G. Gurley & Edward S. Shaw, 1956. "Financial Intermediaries And The Saving‐Investment Process," Journal of Finance, American Finance Association, vol. 11(2), pages 257-276, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hendershott, Patric H. & Van Order, Robert, 1989. "Integration of mortgage and capital markets and the accumulation of residential capital," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 189-210, May.
    2. Lawrence B. Smith & Kenneth T. Rosen & Anil Markandya & Pierre-Antoine Ullmo, 1984. "The Demand for Housing, Household Headship Rates, and Household Formation: An International Analysis," Urban Studies, Urban Studies Journal Limited, vol. 21(4), pages 407-414, November.
    3. Mario Fortin, 1991. "Une comparaison des taux d’imposition implicites des services du logement locatif et du logement occupé par son propriétaire," L'Actualité Economique, Société Canadienne de Science Economique, vol. 67(1), pages 37-57.
    4. Gavin A. Wood, 1990. "The Tax Treatment of Housing: Economic Issues and Reform Measures," Urban Studies, Urban Studies Journal Limited, vol. 27(6), pages 809-830, December.
    5. Patric H. Hendershott, 1985. "Pricing Adjustable Rate Mortgages," NBER Working Papers 1548, National Bureau of Economic Research, Inc.
    6. Joel Slemrod, 1982. "Down-Payment Constraints: Tax Policy Effects in a Growing Economy With Rental and Owner-Occupied Housing," Public Finance Review, , vol. 10(2), pages 193-217, April.
    7. Scholten, Ulrich, 1999. "Die Förderung von Wohneigentum," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 8, number urn:isbn:9783161472343, September.
    8. Patric H. Hendershott, 1991. "An Altered U.S. Housing Finance System: Implications for Housing," NBER Working Papers 3770, National Bureau of Economic Research, Inc.
    9. James Alm & James R. Follain Jr., 1982. "Alternative Mortgage Instruments: Their Effects On Consumer Housing Choices in an Inflationary Environment," Public Finance Review, , vol. 10(2), pages 134-157, April.
    10. Robert J. Shiller & Stefano Athanasoulis, 1995. "World Income Components: Measuring and Exploiting International Risk Sharing Opportunities," NBER Working Papers 5095, National Bureau of Economic Research, Inc.
    11. Iman Khajepour & Geoffrey Pritchard & Danny Ralph & Golbon Zakeri, 2025. "On monotone completion of risk markets: Limit results for incomplete risk markets," Papers 2504.18436, arXiv.org.
    12. Radwanski, Juliusz, 2020. "On the Purchasing Power of Money in an Exchange Economy," MPRA Paper 104244, University Library of Munich, Germany.
    13. Edward Nelson, 2019. "Karl Brunner and U.K. Monetary Debate," Finance and Economics Discussion Series 2019-004, Board of Governors of the Federal Reserve System (U.S.).
    14. Biais, Bruno & Mariotti, Thomas & Moinas, Sophie & Pouget, Sébastien, 2017. "Asset Pricing and Risk Sharing in Complete Markets: An Experimental Investigation," TSE Working Papers 17-798, Toulouse School of Economics (TSE), revised Aug 2024.
    15. Thomas Eichner & Rüdiger Pethig, 2015. "Efficient Management of Insecure Fossil Fuel Imports through Taxing Domestic Green Energy?," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 17(5), pages 724-751, October.
    16. Nanda, Kajole, 2019. "Dynamics between Bank-led Financial Inclusion and Economic Growth in Emerging Economies: The Case of India," International Journal of Development and Conflict, Gokhale Institute of Politics and Economics, vol. 9(1), pages 95-121.
    17. Okat, Deniz, 2024. "Financial congestion," Journal of Financial Markets, Elsevier, vol. 71(C).
    18. Hanif, Muhammad N., 2002. "Restructuring of Financial Sector in Pakistan," MPRA Paper 10197, University Library of Munich, Germany.
    19. Musshoff, Oliver & Hirschauer, Norbert, 2004. "Optimierung unter Unsicherheit mit Hilfe stochastischer Simulation und Genetischer Algorithmen – dargestellt anhand der Optimierung des Produktionsprogramms eines Brandenburger Marktfruchtbetriebes," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 53(07), pages 1-16.
    20. Linnenluecke, Martina K. & Chen, Xiaoyan & Ling, Xin & Smith, Tom & Zhu, Yushu, 2017. "Research in finance: A review of influential publications and a research agenda," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 188-199.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:0739. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/nberrus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.