Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/103091
Authors: 
Jordà, Òscar
Schularick, Moritz
Taylor, Alan M.
Year of Publication: 
2014
Series/Report no.: 
CESifo Working Paper 4993
Abstract: 
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the 20th century, driven by a sharp rise of mortgage lending to households. Household debt to asset ratios have risen substantially in many countries. Financial stability risks have been increasingly linked to real estate lending booms which are typically followed by deeper recessions and slower recoveries. Housing finance has come to play a central role in the modern macroeconomy.
Subjects: 
leverage
recessions
mortgage lending
financial crises
business cycles
local projections
JEL: 
C14
C38
C52
E32
E37
E44
E51
G01
G21
N10
N20
Document Type: 
Working Paper

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