Housing Finance in the United States in the Year 2001

32 Pages Posted: 18 Aug 2004 Last revised: 17 May 2015

See all articles by Patric H. Hendershott

Patric H. Hendershott

University of Aberdeen - Centre for Property Research; National Bureau of Economic Research (NBER)

Kevin E. Villani

Imperial Credit Industries, Inc.

Date Written: August 1981

Abstract

This paper proceeds as follows. We first identify the essential services provided by a financial system and then derive the characteristics of the system that would exist in a technologically advanced society unfettered by nonneutral taxes and regulations. Next we consider how taxes and regulations have shaped the existing American financial structure. Finally, we posit likely tax and regulatory changes and conjecture as to how technological innovation will further interact with these changes to alter the American financial system. Our basic contentions are that the tax and regulatory influences are eroding and that the system will eventually move toward the unfettered financial system described in the first section.

Suggested Citation

Hendershott, Patric H. and Villani, Kevin E., Housing Finance in the United States in the Year 2001 (August 1981). NBER Working Paper No. w0739, Available at SSRN: https://ssrn.com/abstract=349128

Patric H. Hendershott (Contact Author)

University of Aberdeen - Centre for Property Research ( email )

Aberdeen AB24 2UF
Scotland

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Kevin E. Villani

Imperial Credit Industries, Inc.

23550 Hawthorne Blvd., Ste. 110
Torrance, CA 90505

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