| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18027 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w18027 |
| 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/575703 |
| 推荐引用方式 GB/T 7714 | 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. |
| 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 | ||
| w18027.pdf（1070KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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