From housing bust to credit crunch: Evidence from small business loans
研究美国2007-2009年住房市场崩溃是否导致小企业信贷紧缩，通过比较同一城市不同银行的贷款变化，发现银行在房价下跌严重的城市减少小企业贷款，证实了信贷紧缩的存在。
Abstract This paper provides evidence that the 2007–2009 housing bust in the United States precipitated a “credit crunch” for small businesses. To remove demand‐driven correlations, we rely on within‐city comparisons. We ask whether banks whose mortgage portfolios were more heavily weighted in harder‐hit cities cut back lending to a greater extent in all cities where they make small business loans, relative to other banks in those cities. The evidence is consistent with a credit crunch. Large banks reacted with heavier cuts, but consistent evidence is also found among smaller banks. Quantitatively, the detected contribution to the overall decline in lending from the crunch appears modest.