Real estate transaction taxes and credit supply
利用德国各州房地产交易税上调的时间差异，研究发现税率每提高1个百分点，区域房价下降3%-4%，进而导致抵押贷款减少0.3%，对低资本银行和农村地区影响更大。
We exploit staggered real estate transaction tax (RETT) hikes across German states to identify the effect on the growth rates of regional house prices and outstanding mortgage loans by all local German banks. The results show that a RETT hike by one percentage point reduces regional house prices by 3%–4%. Furthermore, IV-regressions yield that a 1 percentage point drop in regional house prices induced by a RETT increase leads to a 0.3% decline in regional mortgage lending, particularly among low-capitalized banks in rural regions.