Suchergebnisse

Chapter 1. The long history of unfair housing / Francesca Russello Ammon and Wendell E. Pritchett -- Chapter 2. Sociology, segregation, and the Fair Housing Act / Justin P. Steil and Camille Z. Charles -- Chapter 3. Parallel pathways of reform : fair public schooling and housing for black citizens / Akira Drake Rodriguez and Rand Quinn -- Chapter 4. The economic importance of fair housing / Vincent J. Reina and Raphael Bostic -- Chapter 5. The Fair Housing Act's original sin : administrative discretion and the persistence of segregation / Nestor M. Davidson and Eduardo M. Peñalver -- Chapter 6. A queer and intersectional approach to fair housing / Amy Hillier and Devin Michelle Bunten.

This paper investigates the Asian real estate price run-up and collapse in the 1990s. We identify financial intermediaries' underpricing of the put option imbedded in non-recourse mortgage loans as a potential cause for the observed price behavior. This underpricing is due to behavioral causes (lender optimism and disaster myopia) and/or rational response of lenders to market incentives (agency conflicts, deposit insurance, or limited liability of bank shareholders). The empirical evidence suggests that underpricing occurred in Thailand, Malaysia, and Indonesia. Consequently, these countries experienced a more severe market crash than Hong Kong and Singapore, where underpricing was kept under control by strong government intervention and/or more appropriate incentive mechanisms.