NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?

Hui Tong, Shang-Jin Wei

NBER Working Paper No. 14205
Issued in July 2008

---- Acknowledgements -----

We thank Tam Bayoumi, Stijn Claessens, Marcello Estevao, Laura Kodres, Luc Laeven, Neng Wang, Toni Whited, Olaf Unteroberdoerster, Yishay Yafeh, and seminar and conference participants at the IMF, HKMA, and the International Finance Conference sponsored by Bank of Canada and Queen's University for helpful comments, and John Klopfer, Andrew Swiston, and Natalia Barrera Tovar for excellent research assistance. The views in the paper are those of the authors, and do not necessarily reflect those of the IMF nor those of the National Bureau of Economic Research.

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