The financial transmission of housing booms: evidence from Spain

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• dc.contributor.author Martin, Alberto, 1974-
• dc.contributor.author Moral-Benito, Enrique
• dc.contributor.author Schmitz, Tom
• dc.date.accessioned 2021-03-08T10:02:14Z
• dc.date.available 2021-03-08T10:02:14Z
• dc.date.issued 2021
• dc.description.abstract 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.en
• dc.description.sponsorship Martín acknowledges support from the ERC (Consolidator Grant FP7-615651-MacroColl), from the Spanish Ministry of Economy, Industry and Competitiveness (grant ECO2016-79823-P) from the Spanish Ministry of Economy and Competitiveness, through the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0563), from the CERCA Programme/Generalitat de Catalunya, from the Generalitat de Catalunya (grant 2017SGR-1393 AGAUR), and from the Barcelona GSE Research Network.
• dc.format.mimetype application/pdf
• dc.identifier.citation Martín A, Moral-Benito E, Schmitz T. The financial transmission of housing booms: evidence from Spain. Am Econ Rev. 2021 Mar;111(3):1013-53. DOI: 10.1257/aer.20191410
• dc.identifier.doi http://dx.doi.org/10.1257/aer.20191410
• dc.identifier.issn 0002-8282
• dc.identifier.uri http://hdl.handle.net/10230/46690
• dc.language.iso eng
• dc.publisher American Economic Association
• dc.relation.ispartof American Economic Association. 2021 Mar;111(3):1013-53
• dc.relation.projectID info:eu-repo/grantAgreement/EC/FP7/615651
• dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/ECO2016-79823-P
• dc.rights © American Economic Association. Can be found at https://www.aeaweb.org/articles?id=10.1257/aer.20191410
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.title The financial transmission of housing booms: evidence from Spainen
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/acceptedVersion