Local banks, credit supply, and house prices
I study the effects of an increase in the supply of local mortgage credit on house prices by exploiting a natural experiment from Switzerland. In 2008, retail customers migrate deposits from universal banks that are suffering overseas losses to homogeneous and narrowly-local mortgage banks. Using th...
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| Veröffentlicht in: | Journal of financial economics 2022-02, Vol.143 (2), p.876-896 |
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| container_end_page | 896 |
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| container_issue | 2 |
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| container_title | Journal of financial economics |
| container_volume | 143 |
| creator | Blickle, Kristian |
| description | I study the effects of an increase in the supply of local mortgage credit on house prices by exploiting a natural experiment from Switzerland. In 2008, retail customers migrate deposits from universal banks that are suffering overseas losses to homogeneous and narrowly-local mortgage banks. Using the distance between the two types of banks as an instrument for deposit growth, I show that local mortgage banks increase mortgage lending, which correlates with subsequent house price growth in their markets. My results highlight that bank specialization plays an important role in the allocation of capital. |
| doi_str_mv | 10.1016/j.jfineco.2021.07.003 |
| format | Article |
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In 2008, retail customers migrate deposits from universal banks that are suffering overseas losses to homogeneous and narrowly-local mortgage banks. Using the distance between the two types of banks as an instrument for deposit growth, I show that local mortgage banks increase mortgage lending, which correlates with subsequent house price growth in their markets. My results highlight that bank specialization plays an important role in the allocation of capital.</description><identifier>ISSN: 0304-405X</identifier><identifier>EISSN: 1879-2774</identifier><identifier>DOI: 10.1016/j.jfineco.2021.07.003</identifier><language>eng</language><publisher>Amsterdam: Elsevier B.V</publisher><subject>Bank loans ; Credit ; Credit supply ; Customers ; Employment ; House prices ; Housing prices ; Lending ; Liquidity shock ; Local banking ; Mortgages ; Prices ; Specialization</subject><ispartof>Journal of financial economics, 2022-02, Vol.143 (2), p.876-896</ispartof><rights>2021</rights><rights>Copyright Elsevier Sequoia S.A. 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| fulltext | fulltext |
| identifier | ISSN: 0304-405X |
| ispartof | Journal of financial economics, 2022-02, Vol.143 (2), p.876-896 |
| issn | 0304-405X 1879-2774 |
| language | eng |
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| source | Elsevier ScienceDirect Journals |
| subjects | Bank loans Credit Credit supply Customers Employment House prices Housing prices Lending Liquidity shock Local banking Mortgages Prices Specialization |
| title | Local banks, credit supply, and house prices |
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