House prices and the allocation of consumer credit
研究发现，住房市场繁荣会改善房主的信贷获取，但可能减少租户的信贷可得性，导致租户转向更昂贵的信贷、违约率上升和消费下降。
Abstract While housing market booms improve homeowners' credit access, they could constrain credit availability to renters. Using individual‐level consume credit data, I show that renters have poorer credit access if they live in locations where lenders are more exposed to housing booms and extend more mortgage lending to homeowners across the country. This suggests a reallocation of credit from renters to homeowners. As a result, renters end up using more expensive alternative credit, default more, and also experience lower consumption. This reallocation of credit during the boom also affect renters' financial well‐being in the subsequent bust.