The Political Economy of the Subprime Mortgage Credit Expansion
---- Acknowledgements -----
The authors would like to thank Daron Acemoglu, Chris Berry, Matilde Bombardini, Patrick Francois, David Lucca, and Guido Tabellini for useful comments and discussion. We would also like to thank seminar participants at Bocconi University, University of British Columbia, Princeton University, Stanford University, Stockholm University, and the IMF for comments. We are grateful to the Initiative on Global Markets at Chicago Booth for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.