Housing, Leverage, and Stability in the Wider Economy
研究了如何减少住房市场波动对金融系统和整体经济的破坏性影响，分析了替代标准债务合同的住房融资方式，指出与房价挂钩的权益贷款在降低风险方面有显著优势。
This paper explores ways in which volatility in the housing market that has damaging impacts on the financial system and the wider economy can be reduced. Alternatives to standard debt contracts to finance house purchase are considered. A form of equity loan, where repayments are linked to the value of the house, have major advantages in terms of risk reduction. The way in which such loans can be structured is analyzed.