Modeling Lending Pressure and House Price Bubble Absorption: A Case of The United States
Başlık:
Modeling Lending Pressure and House Price Bubble Absorption: A Case of The United States
Yazar:
Umarov, Utkirdjan F., author.
ISBN:
9780438116481
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 electronic resource (194 pages)
Genel Not:
Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.
Advisors: Utkirdjan F. Umarov Committee members: Katrin B. Anacker; Kingsley E. Haynes; Daniel E. Houser; Andrew Hughes Hallett; Laurie A. Schintler.
Özet:
This dissertation explores and links two concepts: lending pressure in the banking sector and bubble absorption in the economy as a whole.
The dissertation posits three sources of lending pressure: demand pressure, supply pressure and operational pressure. Demand pressure may occur when a banking institution is consistently behind market trends (i.e., the volume of lending is less than the market can absorb). In contrast, supply pressure occurs when banks extend more loans than the market can absorb. Operational pressure may be caused by a banking institution's relative operational inefficiency. The dissertation argues that lending pressure increases supply-driven lending by pushing loans to a greater level than the market can absorb.
The analysis reveals that at least 54 percent of the analyzed banks have been subject to demand pressure, 42 percent to supply pressure and 68 percent to operational pressure from 2000--2016. The presence of lending pressure among banks is not always related to business cycles. The analysis reveals that banks have not always been balancing between return and risk. Lending volumes slightly outpace the growth in return becoming more sensitive to profitability of nonbank corporations and households. Despite that, the level of risk remains still high -- the standard deviation of returns of clients still remains at the level of the 2008--2009 financial crisis. The above trends are directly related to the second component of the dissertation, the concept of bubble absorption. The hypothesis that bubbles may occur when income of end-users is not able to absorb growing prices. Availability of financing helps keep the demand strong but not for a long term. The key issues are detecting bubbles and measuring the behavior of prices with respect to the cumulative effect of unabsorbed bubbles.
Major findings of the dissertation are: (i) lending pressure directly affects the mortgage market, as growth rates of loans have been relatively higher in banks with relatively greater levels of demand and operational pressure; (ii) bubbles in the housing market are related to mortgages becoming more widely accessible to lower-income percentiles; and (iii) stress tests show that the fiscal (interest subsidy) and the monetary (interest rate) stimulus helped ease the impact of housing price bubbles.
Notlar:
School code: 0883
Tüzel Kişi Ek Girişi:
Mevcut:*
Yer Numarası | Demirbaş Numarası | Shelf Location | Lokasyon / Statüsü / İade Tarihi |
---|---|---|---|
XX(692822.1) | 692822-1001 | Proquest E-Tez Koleksiyonu | Arıyor... |
On Order
Liste seç
Bunu varsayılan liste yap.
Öğeler başarıyla eklendi
Öğeler eklenirken hata oldu. Lütfen tekrar deneyiniz.
:
Select An Item
Data usage warning: You will receive one text message for each title you selected.
Standard text messaging rates apply.