The Financial Transmission of Housing Booms: Evidence from Spain
利用西班牙银行、企业和贷款层面的微观数据，研究发现房地产繁荣初期挤出了非房地产企业信贷，但后期通过提升银行净值扩大了信贷供给，这种挤出效应虽大但短暂。
How does a housing boom affect credit to non-housing firms? Using bank, firm, and loan-level microdata, we show that the Spanish housing boom reduced non-housing credit growth during its first years, but stimulated it later on. These patterns can be rationalized by financial constraints for banks. Constrained banks initially accommodated higher housing credit demand by reducing non-housing credit. Eventually, however, the housing boom increased bank net worth and expanded credit supply. A quantitative model, disciplined by our cross-sectional estimates, indicates that the crowding-out effect was substantial but temporary, and had been fully absorbed by the end of the boom.