Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States
利用日本银行危机作为自然实验，研究外部贷款供给冲击如何通过日本银行在美国的市场渗透影响美国商业房地产建设活动。
The Japanese banking crisis provides a natural experiment to test whether a loan supply shock can affect real economic activity. Because the shock was external to U.S. credit markets, yet connected through the Japanese bank penetration of U.S. markets, this event allows us to identify an exogenous loan supply shock and ultimately link that shock to construction activity in U.S. commercial real estate markets. We exploit the variation across geographically distinct commercial real estate markets to establish conclusively that loan supply shocks emanating from Japan had real effects on economic activity in the United States.