Credit Supply and the Price of Housing
| Autor: | Giovanni Favara, Jean Imbs |
|---|---|
| Přispěvatelé: | Boards of Governors of the Federal Reserve System, Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Ce travail a bénéficié d'une aide de l'Etat gérée par l'Agence Nationale de la Recherche au titre du programme « Investissements d'avenir » portant la référence ANR-10-LABX-93-01. This work was supported by the French National Research Agency, through the program Investissements d'Avenir, ANR-10--LABX_93-01 |
| Rok vydání: | 2015 |
| Předmět: |
JEL: R - Urban
Rural Regional Real Estate and Transportation Economics/R.R2 - Household Analysis/R.R2.R21 - Housing Demand Economics and Econometrics education Sample (statistics) Monetary economics jel:G12 [SHS.ECO]Humanities and Social Sciences/Economics and Finance JEL: R - Urban Rural Regional Real Estate and Transportation Economics/R.R3 - Real Estate Markets Spatial Production Analysis and Firm Location/R.R3.R31 - Housing Supply and Markets Metropolitan area jel:G10 jel:G21 humanities Large sample jel:G28 Deregulation JEL: G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages jel:R21 jel:R31 Regression discontinuity design Economics house prices JEL: G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G28 - Government Policy and Regulation Bank Branching Credit Constraints House Prices Mortgage Market credit health care economics and organizations |
| Zdroj: | American Economic Review American Economic Review, 2015, 105 (3), pp.958-992. ⟨10.1257/aer.20121416⟩ |
| ISSN: | 0002-8282 |
| DOI: | 10.1257/aer.20121416 |
| Popis: | We show that since 1994, branching deregulations in the U.S have signi…cantly af- fected the supply of mortgage credit, and ultimately house prices. With deregulation, the number and volume of originated mortgage loans increase, while denial rates fall. But the deregulation has no eect on a placebo sample, formed of mortgage compa- nies that should not be aected by the regulatory change. This sharpens the causal interpretation of our results. Deregulation acts to relax access to mortgage credit, and pushes the demand for house ownership outwards. Interestingly, the fraction of securi- tized mortgage loans remains unchanged through the process. We …nd evidence house prices rise with branching deregulation, and particularly in Metropolitan Areas where construction is inelastic for topographic reasons. We document these results in a large sample of counties across the U.S. We also focus on a reduced cross-section formed by counties on each side of a state border, where a regression discontinuity approach is possible. Our conclusions are strengthened. JEL Classi…cation Numbers: G21, G10, G12 |
| Databáze: | OpenAIRE |
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