ABSTRACT

This paper puts forward three arguments; firstly, the origions of Danish market-based banking can be traced to the shift by a small group of large commercial banks into the mortgage lending business. Secondly, the Danish case demonstrates the centrality of housing and the politics of mortgage market liberalisation to the rise of market-based banking. And finally, that national diversity in the form of market-based banking mattered for Danish financial stability. Historically, the Danish mortgage model was characterised by cooperative mortgage associations focused on the provision of stable equitable access to housing finance. However, as we shall see, the 1986 financial crisis marked a turning point for Danish finance, and from that point on, a small group of the large commercial bank became increasingly influential. The empirical sections outline three stages to the transformation of Danish finance. In the 1980s, a financial crisis led to the creation of a new type of large commercial bank. In the 1990s, the large banks diversified into the mortgage business crowding out the traditional mortgage banks. Finally, in the 2000s, the large banks provide credit for a massive housing bubble through new forms of market-based banking.

摘要

本文提出三个论点；首先，丹麦市场银行的起源可以追溯到少数大型商业银行转向抵押贷款业务。其次，丹麦的案例证明了住房和抵押贷款市场自由化政策对市场银行兴起的重要性。最后，以市场为基础的银行业形式的国家多样性对丹麦的金融稳定很重要。从历史上看，丹麦抵押贷款模式的特点是合作抵押贷款协会专注于提供稳定、公平的住房融资渠道。然而，正如我们将要看到的，1986 年的金融危机标志着丹麦金融业的一个转折点，从那时起，一小部分大型商业银行的影响力越来越大。实证部分概述了丹麦金融转型的三个阶段。20世纪80年代，金融危机催生了新型大型商业银行。20世纪90年代，大型银行多元化经营按揭业务，排挤传统按揭银行。最后，在 2000 年代，大型银行通过新形式的市场银行业务为巨大的房地产泡沫提供信贷。