Bank Real Estate Lending and the New England Capital Crunch
研究了新英格兰银行房地产贷款大幅下降的原因，发现资本紧缩导致资本不足的银行收缩资产，包括房地产贷款，从而影响依赖银行的借款人获得融资。
The stock of real estate loans held by New England banks has declined dramatically. Given the limited potential for real estate investments, weak demand for real estate loans is to be expected. However, supply as well as demand factors may account for some of the decline in bank real estate loans. This paper documents that bank lending for real estate may have been constrained by a capital crunch, whereby poorly capitalized banks shrank their assets, including real estate loans, to satisfy capital requirements. Because the loss of bank capital is so widespread in New England, bank‐dependent borrowers may have difficulty obtaining real estate financing.