Borgersen, Trond-Arne; Robertsen, Karl - In: Global Business and Economics Review 14 (2012) 4, pp. 274-282
This paper comments on mortgage procyclicality. A framework for credit constraints along the lines of Kiyotaki and Moore (1997) is applied to illustrate a potential regime shift in the credit risk assessments of mortgagees. Depending on the relationship between house price growth and the...