| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26820 |
| 来源ID | Working Paper 26820 |
| Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms | |
| Peter Bednarek; Daniel Marcel te Kaat; Chang Ma; Alessandro Rebucci | |
| 发表日期 | 2020-03-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study how an aggregate bank flow shock impacts German cities' GDP growth depending on the state of their local real estate markets. Identification exploits a policy framework assigning refugees to cities on a quasi-random basis and variation in non-developable area for the construction of a measure of exposure to local real estate market tightness. We estimate that the German cities most exposed to real estate market pressure grew 2.5-5.0 percentage points more than the least exposed ones, cumulatively, during the 2009-2014 period. Bank flow shocks shift credit to firms with more collateral. More collateral also leads firms to hire and invest more in response to these shocks. |
| 主题 | Microeconomics ; Households and Firms ; General Equilibrium ; Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics ; Financial Markets ; Financial Institutions ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w26820 |
| 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/584493 |
| 推荐引用方式 GB/T 7714 | Peter Bednarek,Daniel Marcel te Kaat,Chang Ma,et al. Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms. 2020. |
| 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 | ||
| w26820.pdf（601KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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