The Effect of Bank Credit on Asset Prices: Evidence from the Japanese Real Estate Boom during the 1980s
利用20世纪80年代日本金融放松管制导致银行失去优质客户后增加房地产贷款这一外生变化，发现房地产贷款占比每提高0.01，地价通胀比其他县高14-20%。
This paper studies whether bank credit fuels asset prices. Financial deregulation during the 1980s allowed keiretsus to obtain finance publicly and reduce their dependence on banks. Banks that lost these blue‐chip customers increased their property lending, and serve as an instrument for the supply of real estate loans. Using this instrument, I find that a 0.01 increase in a prefecture's real estate loans as a share of total loans causes 14–20% higher land inflation compared with other prefectures over the 1981–91 period. The timing of losses of keiretsu customers also coincides with subsequent land inflation in a prefecture.