[雙語翻譯]房地產(chǎn)外文翻譯--英國和美國的住房市場和政策（英文）

1、International Journal of Housing Markets and AnalysisHousing markets and policy in the UK and the USA: A review of the differential impact of the global housing crisis Colin Jones Harry W. RichardsonArticle information:T

2、o cite this document: Colin Jones Harry W. Richardson , (2014),“Housing markets and policy in the UK and the USA“, International Journal of Housing Markets and Analysis, Vol. 7 Iss 1 pp. 129 - 144 Permanent link to this

3、document: http://dx.doi.org/10.1108/IJHMA-10-2012-0052Downloaded on: 15 January 2016, At: 01:35 (PT) References: this document contains references to 33 other documents. To copy this document: permissions@emeraldinsight.

4、com The fulltext of this document has been downloaded 625 times since 2014*Users who downloaded this article also downloaded:Joanna Poon, Dean Garratt, (2012),“Evaluating UK housing policies to tackle housing affordabili

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7、affordable housing in the age of austerity: housing policy in Scotland“, International Journal of Housing Markets and Analysis, Vol. 4 Iss 4 pp. 357-368 http:// dx.doi.org/10.1108/17538271111172157Access to this document

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12、LOCKSS initiative for digital archive preservation.*Related content and download information correct at time of download.Downloaded by NATIONAL CHENGCHI UNIVERSITY At 01:35 15 January 2016 (PT)mortgage lending, wholesale

13、 funding and the international financial crisis. This is the starting point for the paper. It takes a disaggregated comparative approach to the task that seeks to offer a deeper understanding than obtained from aggregate

14、 macro-modelling such as Adams and Fuss (2010). Such a comparative approach has substantial advantages over a simple quantitative analysis because of differences in data definitions and institutional frameworks, and the

15、ability to provide an understanding of the different policy contexts (Hantrais, 2009). It also enables the analysis to examine sub-national impacts to highlight differences in market outcomes. Finally, the research is ab

16、le to draw out and compare the consequences of the variability in the availability of mortgage funds and lending criteria that hitherto has not been included in cross-national studies or time series modelling of the hous

17、ing markets. The theoretical framework for the paper builds on what can be described at one level as a standard analysis of housing market trends that views the short-term influences on housing demand as real incomes, in

18、terest rates and mortgage funds with long-term factors being demographic trends, subsidies/tax incentives. The research follows a system embedded approach as described by Stephens (2011) thereby assessing the influence o

19、f institutional (policy) differences between the two countries. Further insights are provided by the innovatory comparison of the sub-national spatial pattern of the recent house price cycle. The paper begins by consider

20、ing the dynamics of the international financial crisis. The following section presents a detailed comparison of institutional and housing market characteristics in each country. It then focuses on the difference in mortg

21、age funding and subprime lending noting in particular the trends over the decade leading up to the financial crisis. The analysis next considers the recent housing cycles in both counties focusing on the role of mortgage

22、 finance and the geography of the downward price adjustments up to the end of 2011. The final part of the paper examines the legacy of the credit crunch, policy responses and draws some conclusions.International financia

23、l crisis A brief reminder of the time line of the international banking crisis is a useful backdrop to the paper. It begins in 2006 with rising defaults on US subprime mortgages and falling house prices (see later). As t

24、hese subprime mortgages had been securitised into bonds and sold on the international market for residential mortgaged backed securities (RMBS) this led to fears about the general worth of this asset class. In the summer

25、 of 2007 cracks begin to appear in this market and in August of that year it effectively closed down. Banks would be unable to refinance these RMBS when they reached their maturity date. Those banks most dependent on thi

26、s form of funding to support mortgage lending have severe liquidity problems. In the UK, the Northern Rock Bank collapsed and in the US Bears Stearns was rescued by the government. The continuing closure of the internati

27、onal RMBS trading market through 2008 created stress on the banking system. By the summer the US Government-supported securitisation agencies, Fannie Mae and Freddie Mac, were increasingly reliant on government support a

28、nd the major mortgage banks faced a financial precipice. The process peaked in September with the bankruptcy of Lehman Brothers, and in its immediate wake followed the failure of one of the US largest mortgage lenders, W