The Influence of the Home Owners' Loan Corporation on Housing Markets During the 1930s

• 成果类型: Article
• 署名作者: Fishback, Price V.; Flores-Lagunes, Alfonso; Horrace, William C.; Kantor, Shawn; Treber, Jaret
• 署名单位: University of Arizona; National Bureau of Economic Research; State University System of Florida; University of Florida; Syracuse University; University of California System; University of California Merced; University System of Ohio; Kenyon College
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhq144
• 发表日期: 2011
• 页码: 1782
• 关键词: new-deal; political-economy; Homeownership; EMPLOYMENT; relief; again; LAND

摘要

Problems with mortgage financing are widely considered to be a major cause of the recent financial meltdown. Several modern programs have been designed to mimic the Home Owners' Loan Corporation (HOLC) of the 1930s. We analyze the impact of the HOLC on the nonfarm rental and owned home markets for over 2,800 counties in the United States in the 1930s. In sparsely populated counties, where financial markets were not as well developed as in larger cities, the HOLC stimulated demand for owned housing more than it influenced supply. In rental markets the HOLC appears to have contributed to an increase in supply.