| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2847 |
| 来源ID | Working Paper 2847 |
| Integration of Mortgage and Capital Markets and the Accumulation of Residential Capital | |
| Patric H. Hendershott; Robert Van Order | |
| 发表日期 | 1989-02-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | The securitization of fixed-rate mortgages suggests that the FRA/VA market was fully integrated with capital markets by the early l98Os and that the conventional market moved toward integration during the l98Os. Assuming full integration of FHA/VA5 via the GNMA securitization process, we first estimate equations explaining near-par GNMA prices weekly for the 1981-88 period. The price is then set equal to the new-issue price and, based upon the preferred equation, the perfect-market retail coupon rate is computed. Next we estimate equations (for three year segments of the 1971-88 period) explaining conventional commitment mortgage coupon rates in terms of current and lagged values of this perfect-market coupon rate. Finally, we examine differences between the perfect-market and actual coupon rates and compute the impact of these differences on residential capital accumulation. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w2847 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560114 |
| 推荐引用方式 GB/T 7714 | Patric H. Hendershott,Robert Van Order. Integration of Mortgage and Capital Markets and the Accumulation of Residential Capital. 1989. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2847.pdf（288KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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