| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP8129
|
| DP8129 Credit Supply and the Price of Housing |
| Jean Imbs; Giovanni Favara
|
| 发表日期 | 2010-12-01
|
| 出版年 | 2010
|
| 语种 | 英语
|
| 摘要 | We show that since 1994, branching deregulations in the U.S have significantly affected the supply of mortgage credit, and ultimately house prices. With deregulation, the number and volume of originated mortgage loans increase, while denial rates fall. But the deregulation has no effect on a placebo sample, formed of independent mortgage companies that should not be affected by the regulatory change. This sharpens the causal interpretation of our results. Deregulation boosts the supply of mortgage credit, which has significant end effects on house prices. We find evidence house prices rise with branching deregulation, particularly so in Metropolitan Areas where construction is inelastic for topographic reasons. There is also evidence the fall in house prices after 2006 is most pronounced in least regulated states. We document these results in a large sample of counties across the U.S. We also focus on a reduced cross-section formed by counties on each side of a state border, where a regression discontinuity approach is possible. Our conclusions are strengthened. |
| 主题 | Financial Economics
; International Macroeconomics
|
| 关键词 | Bank branching
Credit constraints
House prices
Mortgage market
|
| URL | https://cepr.org/publications/dp8129
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536966
|
推荐引用方式
GB/T 7714 |
Jean Imbs,Giovanni Favara. DP8129 Credit Supply and the Price of Housing. 2010.
|
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