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has been cited by the following article:

• TITLE: The Effects of Conforming Loan Systems on Housing Finance Stability: A Panel Analysis of US, Japanese, and South Korean Mortgage Loan Systems

  AUTHORS: Joongmin Kim, Aaron Rae Stephens

  KEYWORDS: Conforming Loans, Fixed-Rate Mortgages, Government Sponsored Enterprises, Housing Finance Stability, Liquidity, LTV, DTI

  JOURNAL NAME: Theoretical Economics Letters, Vol.14 No.5, October 31, 2024

  ABSTRACT: Amid growing concerns of a future housing crisis, this research addresses the factors that create stability within mortgage loan systems. Utilizing a review of extant literature, an econometric model is proposed for a panel analysis of three mature mortgage loan systems (those in Japan, South Korea, and the US) to determine factors that affect stability within each housing finance system. The results indicate that the prevalence of standardized fixed-rate mortgages with conservative loan-to-value and debt-to-income ratios inherently facilitates housing finance stability amid credit and interest rate dynamism. Larger derivatives markets for mortgages also bolster stability. Finally, recommendations are made for tightening policy gaps in South Korea’s housing finance system.