Financial Fragility with SAM?
研究了共享增值抵押贷款（SAM）如何通过将还款与房价挂钩影响金融系统，发现与整体房价挂钩会增加金融脆弱性，而与当地房价挂钩则降低脆弱性并改善风险分担。
ABSTRACT Shared appreciation mortgages (SAMs) feature mortgage payments that adjust with house prices. They are designed to stave off borrower default by providing payment relief when house prices fall. Some argue that SAMs may help prevent the next foreclosure crisis. However, home owners' gains from payment relief are mortgage lenders' losses. A general equilibrium model in which financial intermediaries channel savings from saver to borrower households shows that indexation of mortgage payments to aggregate house prices increases financial fragility, reduces risk‐sharing, and leads to expensive financial sector bailouts. In contrast, indexation to local house prices reduces financial fragility and improves risk‐sharing.