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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w17832 |
来源ID | Working Paper 17832 |
Credit Supply and House Prices: Evidence from Mortgage Market Segmentation | |
Manuel Adelino; Antoinette Schoar; Felipe Severino | |
发表日期 | 2012-02-09 |
出版年 | 2012 |
语种 | 英语 |
摘要 | We show that easier access to credit significantly increases house prices by using exogenous changes in the conforming loan limit as an instrument for lower cost of financing. Houses that become eligible for financing with a conforming loan show an increase in house value of 1.16 dollars per square foot (for an average price per square foot of 220 dollars) and higher overall house prices controlling for a rich set of house characteristics. However, these estimated coefficients are consistent with a local elasticity of house prices to interest rates that is lower than some previous studies proposed (below 10). In addition, loan to value ratios around the conforming loan limit deviate significantly from the common 80 percent norm, which confirms that it is an important factor in the financing choices of home buyers. In line with our interpretation, the results are stronger in the first half of our sample (1998-2001) when the conforming loan limit was more important, given that other forms of financing were less common and substantially more expensive. Results are also stronger in zip codes where personal income growth is low or declining, and in regions with lower elasticity of housing supply. |
主题 | Microeconomics ; Households and Firms ; Financial Economics ; Financial Markets ; Regional and Urban Economics |
URL | https://www.nber.org/papers/w17832 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575507 |
推荐引用方式 GB/T 7714 | Manuel Adelino,Antoinette Schoar,Felipe Severino. Credit Supply and House Prices: Evidence from Mortgage Market Segmentation. 2012. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w17832.pdf(447KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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