Duca, John V.; Muellbauer, John; Murphy, Anthony - Spatial Economics Research Centre, LSE - 2010
An unsustainable weakening of credit standards induced a US mortgage and housing bubble whose consumption impact was … amplified by innovations altering the collateral role of housing. In countries with more stable credit standards, any … financial innovation, regulation, housing policies, and global financial imbalances for fueling credit, construction, house …