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| - Discussion of ‘Financial innovation and European housing and mortgage markets’, by David Miles and Vladimir Pillonca
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| Abstract
| - Although their paper stresses the potential merits of a particular financial innovation—a form of shared-ownership indexed contract—Miles and Pillonca surprisingly neglect the role of differential surges of financial innovation in explaining cross-country differences in house-price inflation. The risk-reducing potential of their favoured instrument deserves further analysis, not least because of the sizeable political risk involved: the experience of several other countries that have used indexed mortgage contracts shows their limited robustness to macroeconomic shocks.
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| - Discussion of Miles and Pillonca
- Patrick Honohan
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