| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12999 |
| DP12999 The Financial Transmission of Housing Booms: Evidence from Spain | |
| Alberto Martin; Enrique Moral-Benito; Tom Schmitz | |
| 发表日期 | 2019-09-19 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | What are the effects of a housing bubble on the rest of the economy? We show that if firms and banks face collateral constraints, a housing bubble initially raises credit demand by housing firms while leaving credit supply unaffected. It therefore crowds out credit to non-housing firms. If time passes and the bubble lasts, however, housing firms eventually pay back their higher loans. This leads to an increase in banks’ net worth and thus to an expansion in their supply of credit to all firms: crowding-out gives way to crowding-in. These predictions are confirmed by empirical evidence from the recent Spanish housing bubble. In the early years of the bubble, non-housing firms reduced their credit from banks that were more exposed to the bubble, and firms that were more exposed to these banks had lower credit and output growth. In its last years, these effects were reversed. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Housing booms Credit investment Financial frictions Financial transmission Spain |
| URL | https://cepr.org/publications/dp12999-1 |
| 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/542894 |
| 推荐引用方式 GB/T 7714 | Alberto Martin,Enrique Moral-Benito,Tom Schmitz. DP12999 The Financial Transmission of Housing Booms: Evidence from Spain. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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