TY - JOUR
T1 - Mortgage Credit Availability, Housing Starts and the Integration of Mortgage and Capital Markets
T2 - New Evidence Using Linear Feedback
AU - McGarvey, Mary G.
AU - Meador, Mark
PY - 1991/3
Y1 - 1991/3
N2 - This paper employs linear feedback measures to examine the relationship between housing starts and the availability of mortgage credit. Estimates are obtained using monthly data with samples ending with May 1978 and beginning with June 1978. The results indicate that mortgage credit availability contributed significantly to short‐run cycles in housing starts in the earlier sample. Such feedback is considerably smaller, however, in the later sample. The results suggest the housing finance sector has become integrated with the overall capital market as the result of the deregulation of thrift deposit rates and the development of the securitized mortgage market.
AB - This paper employs linear feedback measures to examine the relationship between housing starts and the availability of mortgage credit. Estimates are obtained using monthly data with samples ending with May 1978 and beginning with June 1978. The results indicate that mortgage credit availability contributed significantly to short‐run cycles in housing starts in the earlier sample. Such feedback is considerably smaller, however, in the later sample. The results suggest the housing finance sector has become integrated with the overall capital market as the result of the deregulation of thrift deposit rates and the development of the securitized mortgage market.
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U2 - 10.1111/1540-6229.00538
DO - 10.1111/1540-6229.00538
M3 - Article
AN - SCOPUS:84983947073
SN - 1080-8620
VL - 19
SP - 25
EP - 40
JO - Real Estate Economics
JF - Real Estate Economics
IS - 1
ER -