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Financial InnovationToo Much or Too Little?$
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Michael Haliassos

Print publication date: 2013

Print ISBN-13: 9780262018296

Published to MIT Press Scholarship Online: January 2015

DOI: 10.7551/mitpress/9780262018296.001.0001

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Crisis and Innovation in the Housing Economy: A Tale of Three Markets

Crisis and Innovation in the Housing Economy: A Tale of Three Markets

(p.71) 4 Crisis and Innovation in the Housing Economy: A Tale of Three Markets
Financial Innovation

Michael Haliassos

The MIT Press

It is generally agreed that the crises of the mid-2000s were triggered, in part, by the failures of financial innovation in the housing economy. In relation to the securitisation of mortgages, and the growth of markets for collateralised debt obligations and credit default swaps, this may well be true. However, this chapter argues that, in other ways, notably in relation to house price volatility and the management of housing equity, key element of the crisis were less a legacy of innovation than a product of conservatism.

Keywords:   Housing markets, Mortgage markets, Mortgage equity withdrawal, House price volatility, Equity finance, House price derivatives

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