A1 Vertaisarvioitu alkuperäisartikkeli tieteellisessä lehdessä
Interaction between housing prices and household borrowing: The Finnish case
Tekijät: Oikarinen Elias
Kustantaja: North-Holland
Julkaisuvuosi: 2009
Journal: Journal of Banking and Finance
Tietokannassa oleva lehden nimi: JOURNAL OF BANKING & FINANCE
Lehden akronyymi: J BANK FINANC
Vuosikerta: 33
Numero: 4
Aloitussivu: 747
Lopetussivu: 756
Sivujen määrä: 10
ISSN: 0378-4266
DOI: https://doi.org/10.1016/j.jbankfin.2008.11.004
Tiivistelmä
Employing time series econometrics this study shows that there has been a significant two-way interaction between housing prices and housing loan stock in Finland since the financial liberalization in the late 1980s. Before the financial deregulation the interaction was substantially weaker. Furthermore, housing appreciation has a notable positive impact on the outstanding consumption loan stock. It appears that there is no similar relationship between stock prices and credit. Understanding the two-way interaction between housing prices and credit is of importance, since the interdependence is likely to augment boom-bust cycles in the economy and increase the fragility of the financial sector. (C) 2008 Elsevier B.V. All rights reserved.
Employing time series econometrics this study shows that there has been a significant two-way interaction between housing prices and housing loan stock in Finland since the financial liberalization in the late 1980s. Before the financial deregulation the interaction was substantially weaker. Furthermore, housing appreciation has a notable positive impact on the outstanding consumption loan stock. It appears that there is no similar relationship between stock prices and credit. Understanding the two-way interaction between housing prices and credit is of importance, since the interdependence is likely to augment boom-bust cycles in the economy and increase the fragility of the financial sector. (C) 2008 Elsevier B.V. All rights reserved.
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