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The financial transmission of housing bubbles: evidence from Spain

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Personen und Körperschaften: Martin, Alberto (VerfasserIn), Moral-Benito, Enrique (VerfasserIn), Schmitz, Tom (VerfasserIn)
Titel: The financial transmission of housing bubbles: evidence from Spain/ Alberto Martín, Enrique Moral-Benito, Tom Schmitz
Format: E-Book
Sprache: Englisch
veröffentlicht:
Frankfurt am Main, Germany European Central Bank [2019]
Gesamtaufnahme: Europäische Zentralbank: Working paper series ; no 2245 (February 2019)
Schlagwörter:
Wohnungswirtschaft
Spekulationsblase
Kreditsicherung
Kredit
Ansteckungseffekt
Schätzung
Spanien
Quelle: Verbunddaten SWB
Lizenzfreie Online-Ressourcen
Details
Zusammenfassung: How do housing bubbles affect other economic sectors? We show that in the presence of collateral constraints, a bubble initially raises housing credit demand and crowds out credit to non-housing firms. If the bubble lasts, however, housing credit repayments raise banks' net worth and expand credit supply, so that crowding-out eventually gives way to crowding-in. This is consistent with evidence from the recent Spanish housing bubble. Initially, credit growth of non-housing firms was lower at banks with higher bubble exposure, and firms relying on these banks exhibited lower credit and output growth. During the bubble's last years, these effects reversed.
Umfang: 1 Online-Ressource (circa 66 Seiten); Illustrationen
ISBN: 9789289935074
9289935073
DOI: 10.2866/142040