Titrisation des emprunts hypothécaires et bulle immobilière aux États-Unis : les origines d’une débâcle

摘要

Mortgage Securitization and Housing Bubble in the United States The unprecedented growth of the mortgage credit securitization mechanisms often granted by the financial institutions to high-risk borrowers was at the heart of the housing bubble that developed in the U. S. market earlier this decade. The euphoria of the economic agents and their (ir)rational expectations that the real estate prices will continue to increase forever have contributed to sustain such a growth. The housing bubble that followed was therefore the result of these self-fulfilling expectations. In this paper we try, based on the study of certain technical and behavioral aspects of the interaction that exists between the financial sphere and the real estate market to better understand the root causes of the recent crisis. The empirical contribution of this work completes this analysis by trying to assess the long-term relationship between the variables included in the general equilibrium model of the U.S. real estate market in order to determine their respective roles in triggering, maintaining and later on in the bursting of the housing bubble. Classification JEL : G01, G21, R21, R31.