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[14]据 CoreLogic估算,2010年一季度1210万购房者的负净值达到8820亿美元。我们提议的债务减免要少得多,因为避免了止赎,在责任分担式住房抵押贷款方案中,房价下降的程度也会减少。
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[15]See also Xia Zhou and Christopher Carroll,“Dynamics of Wealth and Consumption
:New and Improved Measures for U.S.States,” B.E.Journal of Macroeconomics 12,no.2 (2012).
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[16]Nakamura and Steinsson,“Fiscal Stimulus in a Monetary Union.”
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[17]Frank Fabozzi and Franco Modigliani, Mortgage and MortgageBacked Securities Markets (Boston
:Harvard Business School Press,1992).
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[18]Miles,“Housing,Leverage,and Stability in the Wider Economy.”
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[19]See Gregor Matvos and Zhiguo He,“Debt and Creative Destruction
:Why Could Subsidizing Corporate Debt Be Optimal?” (working paper,University of Chicago Booth School of Business,March 2013).
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[20]PierreOlivier Gourinchas and Olivier Jeanne,“Global Safe Assets” (Bank for International Settlements working paper 399,December 2012)。他们指出,“在面对全球冲击时,私人提供的价值存储手段无法提供足够的保险。只有公共安全资产可以,但也需要得到货币政策的适当支持。”
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[21]Annette Krishnamurthy and Arvind Krishnamurthy,“ShortTerm Debt and Financial Crisis
:What Can We Learn from U.S.Treasury Supply” (working paper,Kellogg School of Management,Northwestern University,May 2013).
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[22]Mark Kamstra and Robert Shiller,“The Case for Trills
:Giving the People and Their Pension Funds a Stake in the Wealth of the Nation” (discussion paper No.1717,Cowles Foundation,Yale University,August 2009).
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[23]Rogoff,“Global Imbalances without Tears.”
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[24]Anat Admati and Martin Hellwig,The Bankers’ New Clothes
:What’s Wrong with Banking and What to Do about It (Princeton,NJ
:Princeton University Press,2013).
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房债:为什么会出现大衰退,如何避免重蹈覆辙 图书在版编目(CIP)数据
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房债:为什么会出现大衰退,如何避免重蹈覆辙 / (美)迈恩,(美)苏非著;何志强,邢增艺译.—北京:中信出版社,2015.8
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书名原文:House of debt
:how they(and you)caused the Great Recession, and how we can prevent it from happening again
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ISBN 978-7-5086-5201-6
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Ⅰ.①房…Ⅱ.①迈… ②苏… ③何… ④邢…Ⅲ.①住房抵押贷款-金融危机-研究-美国Ⅳ.①F837.124
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中国版本图书馆CIP数据核字(2015)第103675号
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HOUSE OF DEBT by Atif Mian and Amir Sufi
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Copyright © 2014 by Atif Mian and Amir Sufi
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Simplified Chinese translation copyright © 2015 by CITIC Press Corporation
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ALL RIGHTS RESERVED
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本书仅限中国大陆地区发行销售
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房债:为什么会出现大衰退,如何避免重蹈覆辙
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