The Impact of House Prices on Consumer Credit: Evidence from an Internet Bank
利用Prosper.com数据，研究发现房价下跌导致房主面临更高利率、更多信贷配给和更快违约，尤其是次贷借款人受影响更大，表明房价波动通过资产负债表渠道影响信贷条件。
This paper shows that house price fluctuations can have a significant impact on credit availability. Data from Prosper.com, a peer‐to‐peer lending site that matches borrowers and lenders to provide unsecured consumer loans, indicate that homeowners in states with declining house prices experience higher interest rates, greater credit rationing, and faster delinquency. We find especially large effects for subprime borrowers whose balance sheets are likely most exposed to asset price declines. This evidence suggests that asset price fluctuations can play an important role in determining credit conditions and are thus a potentially significant mechanism for propagating macroeconomic shocks.