Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/208279 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
ECB Working Paper No. 2245
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
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.
Schlagwörter: 
Housing bubble
Credit
Investment
Financial Frictions
Financial Transmission
Spain
JEL: 
E32
E44
G21
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-3507-4
Dokumentart: 
Working Paper

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