| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w15573
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| 来源ID | Working Paper 15573
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| Lessons from the Great American Real Estate Boom and Bust of the 1920s |
| Eugene N. White
|
| 发表日期 | 2009-12-03
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| 出版年 | 2009
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| 语种 | 英语
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| 摘要 | Although long obscured by the Great Depression, the nationwide "bubble" that appeared in the early 1920s and burst in 1926 was similar in magnitude to the recent real estate boom and bust. Fundamentals, including a post-war construction catch-up, low interest rates and a "Greenspan put," helped to ignite the boom in the twenties, but alternative monetary policies would have only dampened not eliminated it. Both booms were accompanied by securitization, a reduction in lending standards, and weaker supervision. Yet, the bust in the twenties, which drove up foreclosures, did not induce a collapse of the banking system. The elements absent in the 1920s were federal deposit insurance, the "Too Big To Fail" doctrine, and federal policies to increase mortgages to higher risk homeowners. This comparison suggests that these factors combined to induce increased risk-taking that was crucial to the eruption of the recent and worst financial crisis since the Great Depression. |
| 主题 | Macroeconomics
; Monetary Policy
; Financial Economics
; Financial Markets
; Financial Institutions
; History
; Macroeconomic History
; Financial History
|
| URL | https://www.nber.org/papers/w15573
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573249
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推荐引用方式
GB/T 7714 |
Eugene N. White. Lessons from the Great American Real Estate Boom and Bust of the 1920s. 2009.
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文件名：
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w15573.pdf
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格式：
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Adobe PDF
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