Credit Rationing and Public Housing Loans in Japan
Credit Rationing and Public Housing Loans in Japan
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日本的信贷配给和公共住房贷款
DOI：
10.1006/jhec.1996.0012
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发表时间：
1996
影响因子：
2.4
通讯作者：
Y. Moriizumi
中科院分区：
文献类型：
--
作者：
Y. Moriizumi
日本公共公司（PC）提供低息住房抵押贷款。然而，一些家庭受到信贷配给，限制了他们进入个人电脑贷款市场。当债务需求超过个人信贷限额时，配给家庭从商业银行借款。因此，商业银行的贷款取决于有多少家庭在个人电脑贷款市场上被配给，以及配给到什么程度。这是通过分别估计贷款需求和信贷约束函数来计算的，从而产生无偏估计。结果表明，大多数首次购房者在个人电脑贷款市场上被拆散，这表明个人电脑往往会挤出日本的私人住宅贷款。
Japanese Public Corporations (PCs) provide low-interest housing mortgages. However, some households are credit rationed, limiting their access to the PC loan market. Rationed households borrow from commercial banks when debt demand exceeds PC credit limits. Therefore, commercial bank lending is dependent on how many households are rationed in the PC loan market and to what extent. This is calculated by estimating loan demand and credit constraint functions separately, which produces unbiased estimates. The results suggest that most first-time buyers are unrationed in the PC loan market, showing that the PCs tend to crowd out private residential lending in Japan.