Financial Integration, Housing and Economic Volatility
Financial Integration, Housing and Economic Volatility
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金融一体化、住房和经济波动
DOI：
10.2139/ssrn.1991430
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发表时间：
2011
期刊：
影响因子：
--
通讯作者：
Philip E. Strahan
中科院分区：
文献类型：
--
作者：
Elena Loutskina;Philip E. Strahan
大衰退说明了经济对住房的敏感性。本文表明，在1994-2006年期间，由证券化和全国分支机构促进的金融一体化放大了房价冲击对经济的积极影响。我们利用政府资助企业在当地市场的信贷供应补贴的变化来衡量与基本面无关的房价变化。使用这个工具，我们发现，房价冲击刺激经济增长。在金融一体化程度较高的地方，通过二级贷款市场和银行分支网络，这种影响更大。因此，金融一体化提高了附带冲击对当地经济的影响，加剧了经济波动。
The Great Recession illustrates the sensitivity of the economy to housing. This paper shows that financial integration, fostered by securitization and nationwide branching, amplified the positive effect of housing price shocks on the economy during the 1994–2006 period. We exploit variation in credit supply subsidies across local markets from government-sponsored enterprises to measure housing price changes unrelated to fundamentals. Using this instrument, we find that house price shocks spur economic growth. The effect is larger in localities more financially integrated, through both secondary loan market and bank branch networks. Financial integration thus raised the effect of collateral shocks on local economies, increasing economic volatility.