A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...

Analysis of the effects of mortgage foreclosure laws on global economicsAmerica's sub-prime mortgage problems have had rippling effects on the economies of countries around the world, highlighting the many problems inherent in the legal infrastructures for both mortgages and the unconstitutional...

We provide another perspective regarding Fannie Mae's and Freddie Mac's impact on the recent financial crisis. We conclude that the crisis and the GSEs being placed into conservancy were primarily caused by the proliferation of below prime mortgages, which led to their sustaining significantly...