The Bank Lending Channel of Real Estate Prices
研究了2007-2013年日本房地产价格冲击对银行资产负债表和贷款行为的影响，发现地价上涨会增加银行资本和总贷款，尤其是房地产贷款和抵押贷款，但对非房地产贷款影响不显著。
Real estate price shocks potentially have impacts on banks' balance sheets, their lending behavior, and eventually economic activities. We examine the existence of this bank lending channel in Japan during the 2007-2013 period covering the global financial crisis. In contrast with Gan (2007b) that assumes uniform real estate price shocks after the bubble period in Japan, we identify heterogenous real estate price shocks that each bank faces by summarizing the land prices of firms with which the bank has transaction relationships. For this purpose, we employ a comprehensive database on firm-bank relationships as well as information on land prices for more than 20 thousand locational points in Japan to find the following: First, a rise in land prices increases bank capital and total bank loans, which is consistent with the bank lending channel hypothesis. A rise in land prices also leads to a significant increase in real estate loans and loans backed by real estate collateral. Second, a rise in land prices leads to no significant increase in non-real estate loans, and a marginally significant decrease in loans without real estate collateral. This evidences weakly for the portfolio reallocation story between real estate and non-real estate loans but against the forbearance lending story.