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Title: An investigation into the existence and effects of credit rationing : the case of the mortgage market
Author: Al-Badry, S. S. M.
Awarding Body: University College of Swansea
Current Institution: Swansea University
Date of Award: 1978
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This thesis is concerned with mortgage rationing, its causes and significance in both the mortgage and housing markets. The empirical analysis is based on quarterly time series data from the U.K. for the period 1965-1975. The early part of the thesis gives a review of the main findings of other studies on the subject, in the U.K. and elsewhere, followed by a description of the working of building societies, the main mortgage financing institutions. The thesis develops a simple theoretical model the main aim of which is to show the mechanism which generates rationing and its variation over time. The model suggests some measures of the intensity of rationing; these are compared to measures suggested by other studies, and used subsequently to investigate the significance of rationing in the mortgage and housing markets. The thesis also includes a Chapter which gives a full account of the determinants of building society shares and deposits; and another Chapter which demonstrates the short-run dynamics of mortgage supply and the importance of advance commitments. A complete econometric model of the mortgage and housing markets is presented in the later part of the thesis and its long run tracking behaviour and policy implications are demonstrated by dynamic and policy simulations. A particular concern of these simulations is to discover if there is any significant effect of changes in the availability (apart from costs) of mortgage credit on the housebuilding industry.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available