Residential Real Estate in the U.S. Financial Crisis, the Great Recession, and Their Aftermath_

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題名：	Residential Real Estate in the U.S. Financial Crisis, the Great Recession, and Their Aftermath
書刊名：	經濟論文叢刊
作者：	Malpezzi, Stephen
出版日期：	2017
卷期：	45:1
頁次：	頁5-56
主題關鍵詞：	金融危機；經濟衰退；槓桿；房價波動；政府政策；Financial crisis ；Recession；Leverage；Housing price volatility；Government policy
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:2 共同引用:0 點閱:6

大約從2007年至2009年，美國經歷了金融危機與經濟衰退，就諸多衡量標準而言，這是美國自1930年代大蕭條以來所經歷最嚴重的經濟倒退。同時，此事件對世界其他經濟體也造成巨大的負面影響。此次「大金融危機」與隨之而來的「大衰退」，其前因後果相當複雜，學者們對其原因和影響重要細節的爭論將會持續幾十年。本文回顧了一些可能的原因，特別著重過度槓桿和房價過度波動這兩個根本的因素。本文也提供關於房地產和金融市場的10項改革建議，可望減少未來與房地產市場相關的衰退所造成的成本。

以文找文

Circa 2007 through 2009, the United States experienced a financial crisis, and a recession, that by many measures was the largest adverse economic event the U.S. has experienced since the Great Depression of the 1930s. Furthermore, these events had large negative repercussions on other economies around the world. The Great Financial Crisis and Great Recession were complex, and scholars will be arguing over important details of their causes and effects for decades to come. This paper reviews a number of contributing elements, focusing especially on two fundamentals of the twin ＂Greats:＂ excessive leverage, and excessive volatility in housing prices. The paper includes a package of 10 proposed reforms in real estate and financial markets that can mitigate the costs of future real estate-related downturns.

以文找文

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研究報告
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其他
1.	Cole, Marine(20150303)。Get Ready for Another Real Estate Bubble。
2.	Corcoran, Barbara(20150430)。NY Real Estate May be in a New Bubble。
3.	Davis, Morris A.，Malpezzi, Stephen，Ortalo-Magné, François(2009)。The Wisconsin Foreclosure and Unemployment Relief Plan (Wi-Fur)，http://www.bus.wisc.edu/realestate/wi-fur/。
4.	Durden, Tyler(20150331)。Bad News for America's Biggest Housing Bubble: San Francisco Home Prices Suffer Biggest Drop in Three Years。
5.	Eisinger, Jesse，Bernstein, Jake(20100409)。The Magnetar Trade: How One Hedge Fund Helped Keep the Bubble Going。
6.	Foote, Chris，Fuhrer, Jeff，Mauskopf, Eileen，Willen, Paul(2009)。A Proposal to Help Distressed Homeowners: A Government Payment-Sharing Plan，http://www.bos.frb.org/economic/ppb/2009/ppb091.htm。
7.	Gerardi, Kristopher，Foote, Christopher L.，Willen, Paul(2010)。Reasonable People Did Disagree: Optimism and Pessimism About the Us Housing Market before the Crash。
8.	Henderson, Neil(20060630)。Key Federal Rate Raised to 5.25%, a 5-Year High。
9.	Kusisto, Laura(20150526)。Housing Bubble? Despite Rising Prices,Most Economists Still Say No。
10.	La Monica, Paul R.(20150325)。Warning Signs in the Housing Market。
11.	Mollenkamp, Carrick，Craig, Susanne，Ng, Serena，Lucchetti, Aaron(20080916)。Lehman Files for Bankruptcy, Merrill Sold, Aig Seeks Cash。
12.	Vasel, Kathryn(20150504)。Is It Time to Worry About Another Housing Bubble?。

圖書論文
1.	Benmelech, Efraim、Dlugosz, Jennifer(2010)。The Credit Rating Crisis。NBER Macroeconomics Annual 2009。Chicago：University of Chicago Press。
2.	Berndt, Antje、Hollifield, Burton、Sandås, Patrik(2010)。The Role of Mortgage Brokers in the Subprime Crisis。Market Institutions and Financial Market Risk。Chicago：National Bureau of Economic Research。
3.	Geanakoplos, John(2010)。The Leverage Cycle。NBER Macroeconomics Annual 2009。Chicago：University of Chicago Press。
4.	Glaeser, Edward L.、Gottlieb, Joshua D.、Gyourko, Joseph(2013)。Can Cheap Credit Explain the Housing Boom?。Housing and the Financial Crisis。Chicago：University of Chicago Press。
5.	Yang, Tyler T.、Zhang, Jessie Y.(2014)。Mortgage Defaults and Risk-Based Capital: Post-Global Financial Crisis Development and Implications for Emerging Markets。The Global Financial Crisis and Housing: A New Policy Paradigm。Cheltenham：Edward Elgar。
6.	Caprio, Gerard、Klingbiel, Daniela(2002)。Episodes of Systemic and Borderline Financial Crises。Managing the Real and Fiscal Effects of Banking Crises。Washington, DC：World Bank。

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