International Housing Markets and the U.S. Subprime Crisis
提出一种新分解方法研究国际住房市场的联动性，发现2007-08年次贷危机前，共同住房风险溢价下降驱动了美国等国的住房繁荣和经济扩张。
Abstract We propose a novel decomposition approach to study the degree of co‐movement of international housing markets while distinguishing among different economic drivers. We find that the housing market variability for an average country was mainly driven by the common housing risk premium components during the years leading up to the 2007–08 subprime financial crisis. A decrease in the common housing risk premium was followed by a housing boom and economic expansion in the United States prior to the crisis. Our findings add to the understanding of the role of common risk factors across international housing markets before the crisis.