Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/110625
Authors: 
Kauko, Karlo
Punzi, Maria Teresa
Year of Publication: 
2015
Series/Report no.: 
FinMaP-Working Paper 41
Abstract: 
This paper presents VAR results on the recent economic history of the USand focuses on the dependence of US macro financial variables on international capital flows. Both gross and net flows are included in the analysis. The results indicate that cross-border funding has affected the build-up in the US housing market irrespective of how these flows are defined and measured. Both the savings glut hypothesis and the banking glut hypothesis are supported by these findings. However, net banking flows appear to explain the higher volatility in the increase in house prices as well as the mortgage loan boom.
Subjects: 
Global Banking Glut
Global Savings Glut
Cross-Border Banking Transactions
House Prices
Mortgage Loans
VAR model
JEL: 
F32
F33
F34
Document Type: 
Working Paper
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