The Real Effects of Asset Market Bubbles: Loan- and Firm-Level Evidence of a Lending Channel
利用日本土地市场崩盘作为自然实验，发现银行房地产风险暴露导致贷款收缩，进而抑制企业投资和市场估值，贷款渠道解释了约三分之一的贷款收缩、五分之一的投资下降和四分之一的市值损失。
This article studies how a shock to the financial health of banks, caused by a decline in the asset markets, affects the real economy. The land market collapse in Japan provides an ideal testing field in separating the impact of a loan supply shock from demand shocks. I find that banks with greater real estate exposure have to reduce lending. Firms investment and market valuation are negatively associated with their top lenders real estate exposure. The lending channel is economically important: it accounts for one-third of lending contraction, one-fifth of the decline in investment, and a quarter of value loss.