Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
The article focuses on maturity mismatching of loans in OECD economies during the last housing boom (which ended with the subprime mortgage crisis in 2007). Our model gives rise to an indicator measuring how strong the incentives for speculation were. The indicator is also used to estimate the influence of transaction costs and demand-side subsidies on leverage. According to the model, the influence of subsidies is likely to be limited compared to transaction costs, which may play a significant role in containing incentives for maturity mismatching. Some distinctive patterns can be deduced from a country by country analysis.