The Housing and Credit Bubbles in the United States and Europe: A Comparison
比较了2003-2007年间美国和多个欧洲国家同时发生的房价上涨和住房金融扩张，分析了金融创新和不完全市场在其中的作用。
A house price boom occurred simultaneously in the United States and in a number of European countries from 2003 to 2007, accompanied in each case by an expansion in housing finance. This article considers the role of financial innovation along with incomplete markets in these cycles.