Comparative dynamics of housing finance: A cross-country analysis

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE Journal of International Financial Markets Institutions & Money Pub Date : 2024-06-03 DOI:10.1016/j.intfin.2024.102010

Jongseok Rim

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Abstract

This paper conducts a comparative analysis of housing finance markets in the United States, United Kingdom, and Germany, focusing on their responses to market changes and significant external shocks like the Global Financial Crisis (GFC) and the COVID-19 pandemic. It aims to clarify the complex relationship between market dynamics and housing finance structures, as well as the impact of major market shocks on these systems. The study uncovers subtle differences in responses, underscored by governmental interventions, levels of securitisation, and diverse funding models of mortgage originators. It also highlights how regulatory interventions influence variations across markets in specific circumstances such as the GFC and the pandemic. This research contributes valuable insights into the adaptability and resilience of housing finance systems against external shocks, enhancing our understanding of their strengths and vulnerabilities.

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住房融资的比较动态：跨国分析

本文对美国、英国和德国的住房金融市场进行了比较分析，重点关注它们对市场变化和重大外部冲击（如全球金融危机和 COVID-19 大流行病）的反应。研究旨在阐明市场动态与住房融资结构之间的复杂关系，以及重大市场冲击对这些体系的影响。研究揭示了政府干预、证券化水平和抵押贷款发放者不同的融资模式在应对措施上的微妙差异。研究还强调了在全球金融危机和大流行病等特定情况下，监管干预如何影响各市场的差异。这项研究为了解住房金融体系对外部冲击的适应性和复原力提供了宝贵的见解，加深了我们对其优势和弱点的理解。

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.