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来源类型Working Paper
规范类型报告
DOI10.3386/w18027
来源IDWorking Paper 18027
The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s.
Raghuram Rajan; Rodney Ramcharan
发表日期2012-04-26
出版年2012
语种英语
摘要Does credit availability exacerbate asset price inflation? Are there long run consequences? During the farm land price boom and bust before the Great Depression, we find that credit availability directly inflated land prices. Credit also amplified the relationship between positive fundamentals and land prices, leading to greater indebtedness. When fundamentals soured, areas with higher credit availability suffered a greater fall in land prices and had more bank failures. Land prices and credit availability also remained disproportionately low for decades in these areas, suggesting that leverage might render temporary credit induced booms and busts persistent. We draw lessons for regulatory policy.
主题Financial Economics ; Financial Institutions ; History ; Macroeconomic History
URLhttps://www.nber.org/papers/w18027
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/575703
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Raghuram Rajan,Rodney Ramcharan. The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s.. 2012.
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