House Prices and Bank Lending to SMEs: Evidence From UK Local Authorities
利用英国304个地方政府2014-2021年的面板数据，研究发现房价上涨会挤出银行对中小企业的贷款，但中小企业持有更多房地产时这种挤出效应会减弱。
ABSTRACT Using panel data for 304 local authorities in the UK from 2014 to 2021, we empirically examine three issues: (a) how booms in house prices affect bank lending to small and medium‐sized enterprises (SMEs); (b) whether these effects differ when SMEs hold larger amounts of real estate and buildings and (c) whether a rise in house prices can cause capital flight from the SME loan market to mortgages in the housing sector. We find that (i) a rise in house prices crowds out SME lending; (ii) mortgage lending increases with house prices; (iii) the crowding out effect of rising house prices on SME lending is mitigated when SMEs hold larger amounts of real estate and buildings. The main macroeconomic implication is that a strong housing market exerts negative spillover effects on the SME sector by moving capital away from SME lending towards housing mortgages.