The Thrift Crisis, Mortgage-Credit Intermediation, and Housing Activity
评估1980年代初储蓄行业危机对抵押信贷中介和住房活动的影响，发现危机导致抵押信贷减少、利率上升，进而抑制住房需求并加剧经济衰退。
This paper evaluates the influence of periodic disruptions in the thrift industry on mortgage credit intermediation and housing activity. Results of the analysis indicate that disruptions in the thrift industry during the early 1980s imposed real costs on the economy by reducing the amount of mortgage credit intermediation. Estimation findings indicate a sizable mortgage interest rate premium stemming from the loss in thrift intermediation services during the early 1980s. Those higher mortgage rates served to dampen housing demand, in turn exacerbating the cyclical decline. In contrast, empirical findings for the post-recession period of the 1980s indicates a severing of the link between mortgage interest rates and thrift provision of mortgage credit. Copyright 1995 by Ohio State University Press.