Martín Moreno, Alberto
The financial transmission of housing booms evidence from Spain / by Alberto Martín, Enrique Moral-Benito, Tom Schmit .-- , 2021
Resumen.
Bibliografía.
How does a housing boom affect credit to non-housing firms? Using bank, firm, and loan-level microdata, we show that the Spanish housing boom reduced non-housing credit growth during its first years, but stimulated it later on. These patterns can be rationalized by financial constraints for banks. Constrained banks initially accommodated higher housing credit demand by reducing non-housing credit. Eventually, however, the housing boom increased bank net worth and expanded credit supply. A quantitative model, disciplined by our cross-sectional estimates, indicates that the crowding-out effect was substantial but temporary, and had been fully absorbed by the end of the boom.
BANCOS
CREDITOS BANCARIOS
EMPRESAS
VIVIENDA
PRESTAMOS HIPOTECARIOS
ESPAÑA
MODELOS ECONOMETRICOS
Moral Benito, Enrique
Schmitz, Tom
The American Economic Review 0002-8282v. 111, n. 3, March 2021, p. 1013-1053
The financial transmission of housing booms evidence from Spain / by Alberto Martín, Enrique Moral-Benito, Tom Schmit .-- , 2021
Resumen.
Bibliografía.
How does a housing boom affect credit to non-housing firms? Using bank, firm, and loan-level microdata, we show that the Spanish housing boom reduced non-housing credit growth during its first years, but stimulated it later on. These patterns can be rationalized by financial constraints for banks. Constrained banks initially accommodated higher housing credit demand by reducing non-housing credit. Eventually, however, the housing boom increased bank net worth and expanded credit supply. A quantitative model, disciplined by our cross-sectional estimates, indicates that the crowding-out effect was substantial but temporary, and had been fully absorbed by the end of the boom.
BANCOS
CREDITOS BANCARIOS
EMPRESAS
VIVIENDA
PRESTAMOS HIPOTECARIOS
ESPAÑA
MODELOS ECONOMETRICOS
Moral Benito, Enrique
Schmitz, Tom
The American Economic Review 0002-8282v. 111, n. 3, March 2021, p. 1013-1053