Loutskina, Elena; Strahan, Philip E. - In: Journal of Financial Economics 115 (2015) 1, pp. 25-41
The Great Recession illustrates the sensitivity of the economy to housing. This paper shows that financial integration, fostered by securitization and nationwide branching, amplified the positive effect of housing price shocks on the economy during the 1994–2006 period. We exploit variation in...