The financial transmission of housing booms: evidence from Spain
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- dc.contributor.author Martin, Alberto
- dc.contributor.author Moral-Benito, Enrique
- dc.contributor.author Schmitz, Tom
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:40Z
- dc.date.available 2024-11-14T10:09:40Z
- dc.date.issued 2018-06-01
- dc.date.modified 2024-11-14T10:05:59Z
- 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.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1613
- dc.identifier.citation American Economic Review, 111(3), 2021, 1013-1053
- dc.identifier.uri http://hdl.handle.net/10230/44703
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1613
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword housing bubble
- dc.subject.keyword credit
- dc.subject.keyword investment
- dc.subject.keyword financial frictions
- dc.subject.keyword financial transmission
- dc.subject.keyword spain
- dc.subject.keyword Macroeconomics and International Economics
- dc.title The financial transmission of housing booms: evidence from Spain
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper