Credit Supply and Housing Speculation
研究发现2003年私人抵押贷款证券化扩张通过非核心存款融资的贷款人增加了信贷供给，刺激了少数投机者的交易，放大了住房市场的繁荣与萧条。
Abstract Credit supply expansion boosts housing speculation and amplifies the housing cycle. The surge in private-label mortgage securitization in 2003 fueled a large expansion in mortgage credit supply by lenders financed with noncore deposits. Areas more exposed to these lenders experienced a large relative rise in transaction volume driven by a small group of speculators, and these areas simultaneously witnessed an amplified housing boom and bust. Consistent with the importance of belief heterogeneity, house price growth expectations of marginal buyers rose during the boom, while housing market pessimism among the general population increased.