打字猴:1.70343129e+09

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1703431291 [11]我们并不是最先建议在住房抵押贷款融资中设置风险分担条款的人。例如，可以参见Andrew Caplin,Sewin Chan,Charles Freeman,and Joseph Tracy,Housing Partnerships （Cambridge,MA:MIT Press,1997）; Andrew Caplin,Noel Cunningham,Mitchell Engler,and Frederick Pollock,“Facilitating Shared Appreciation Mortgages to Prevent Housing Crashes and Affordability Crises” （discussion paper 2008-12,Hamilton Project,September 2008）; and David Miles,“Housing,Leverage,and Stability in the Wider Economy” （speech at the Housing Stability and Macroeconomy:International Perspectives Conference,Federal Reserve Bank of Dallas,November 2013）,available at http://www.bankofengland.co.uk/publications/Pages/news/2013/132.aspx。

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1703431293 [12]这是一类按年而非按月支付的住房抵押贷款。

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1703431295 [13]如果住房抵押贷款偿付与简的房屋价值联系在一起，那么她为了减少偿付贷款就有动机疏忽大意损害房屋价值。这种道德风险问题非常重要，可以用来解释为什么股权类合同需要以不受借款人控制的资产绩效为条件。

1703431296

1703431297 [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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1703431299 [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）.

1703431300

1703431301 [16]Nakamura and Steinsson,“Fiscal Stimulus in a Monetary Union.”

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1703431303 [17]Frank Fabozzi and Franco Modigliani, Mortgage and MortgageBacked Securities Markets （Boston:Harvard Business School Press,1992）.

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1703431305 [18]Miles,“Housing,Leverage,and Stability in the Wider Economy.”

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1703431307 [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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1703431309 [20]PierreOlivier 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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1703431311 [21]Annette Krishnamurthy and Arvind Krishnamurthy,“ShortTerm 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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1703431313 [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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1703431315 [23]Rogoff,“Global Imbalances without Tears.”

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1703431317 [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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1703431322 房债：为什么会出现大衰退，如何避免重蹈覆辙 [:1703429358]

1703431323 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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1703431325 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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1703431327 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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1703431329 ISBN 978-7-5086-5201-6

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1703431331 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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1703431333 中国版本图书馆CIP数据核字（2015）第103675号

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1703431335 HOUSE OF DEBT by Atif Mian and Amir Sufi

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