such financial development: the emergence of mortgage-backed securities. We also document that the relationship between the … volatility of aggregate economy activity and the development of mortgage-backed-securities markets changes sign, from negative to …

conventional commitment mortgage coupon rates in terms of current and lagged values of this perfect-market coupon rate. Finally, we …

Securitization has been widely assigned blame for contributing to the recent mortgage market meltdown and ensuing …

emergence of mortgage-backed securities. We also document that this relationship changed sign, from negative to positive, in the …

conventional commitment mortgage coupon rates in terms of current and lagged values of this perfect-market coupon rate. Finally, we …

Jappelli and Pagano (1994) argues that tightening the borrowing constraints in the mortgage markets promotes savings … savings and growth rates to fall. Therefore, for countries with scarce mortgage availability like those in the Middle East …, expanding the mortgage markets to some extent is conducive to savings and growth …