CAPITAL INFLOWS, FINANCIAL STRUCTURE AND HOUSING BOOMS
使用面板VAR研究资本流入冲击对OECD国家住房市场的影响，发现冲击会推高实际房价、信贷和住宅投资，且在抵押市场发达和允许证券化的国家影响更强。
We use a panel VAR to study the effect of shocks to capital inflows, which are identified using sign restrictions, on the housing market in OECD countries. To explore how effects of these shocks change with the structure of the mortgage market and the degree of mortgage securitization, we allow the VAR coefficients to vary with mortgage-market characteristics. Our results indicate that capital-inflow shocks have a significant and positive effect on real house prices, real credit available to the private sector, and real residential investment. The responses of these variables are stronger in countries with more developed mortgage markets and in countries where securitization is allowed.