Housing Price Booms and Crowding-Out Effects in Bank Lending
研究了1988-2006年间，活跃于强劲住房市场的银行增加抵押贷款、减少商业贷款，导致借款企业投资显著下降，尤其对资本受限或从更受限银行借款的企业影响更大。
Analyzing the period 1988–2006, we document that banks that are active in strong housing markets increase mortgage lending and decrease commercial lending. Firms that borrow from these banks have significantly lower investment. This is especially pronounced for firms that are more capital constrained or borrow from more-constrained banks. Various extensions and robustness analyses are consistent with the interpretation that commercial loans were crowded out by banks responding to profitable opportunities in mortgage lending, rather than with a demand-based interpretation. The results suggest that housing prices appreciations have negative spillovers to the real economy, which were overlooked thus far. Received November 29, 2016; editorial decision January 12, 2018 by Editor David Hirshleifer. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web Site next to the link to the final published paper online.