Discussion of 'Financial innovation and European housing and mortgage markets', by David Miles and Vladimir Pillonca
讨论Miles和Pillonca关于金融创新的论文，指出其忽略了金融创新差异对各国房价通胀的影响，并质疑其推崇的共享所有权指数化合同在宏观冲击下的稳健性。
Although their paper stresses the potential merits of a particular financial innovation—a form of shared-ownership indexed contract—Miles and Pillonca surprisingly neglect the role of differential surges of financial innovation in explaining cross-country differences in house-price inflation. The risk-reducing potential of their favoured instrument deserves further analysis, not least because of the sizeable political risk involved: the experience of several other countries that have used indexed mortgage contracts shows their limited robustness to macroeconomic shocks.