Journal Article
Mortgaging the future?
Abstract: In the six decades following World War II, bank lending measured as a ratio to GDP has quadrupled in advanced economies. To a great extent, this unprecedented expansion of credit was driven by a dramatic growth in mortgage loans. Lending backed by real estate has allowed households to leverage up and has changed the traditional business of banking in fundamental ways. This ?Great Mortgaging? has had a profound influence on the dynamics of business cycles.
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http://www.frbsf.org/economic-research/publications/economic-letter/2015/march/great-mortgaging-business-cycle-recovery/el2015-09.pdf
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Bibliographic Information
Provider: Federal Reserve Bank of San Francisco
Part of Series: FRBSF Economic Letter
Publication Date: 2015
Order Number: 09