Clogged Intermediation: Were Home Buyers Crowded Out?
研究了危机后政策干预导致再融资申请激增，是否挤出了对购房者的信贷供给，发现受能力限制的银行减少了购房贷款而增加了再融资贷款。
Abstract Postcrisis policy interventions significantly increased the demand for mortgage refinancing, but there is an unexplored possibility that the surge in refinancing applications crowded out the supply of credit to home buyers. We examine two frictions that hamper financial intermediation and cause banks to substitute away from home purchase loans and toward refinance loans. Banks with limited risk capacity may prefer safer loans, and banks with limited operating capacity may prefer applications that require less processing time. We find that, following the 2008 financial crisis, banks constrained by these capacity limits rationed credit to home buyers while supplying more refinancing credit.