Is Leverage a Determinant of the Asset Price? Evidence from the Real Estate Transaction Data

本研究确定了银行贷款收购资产本身会提高资产价格的因果关系。本研究利用东京土地交易的原始微观数据，从反向因果关系中识别银行贷款对地价的正向影响。这一结果将有助于制定经济和金融政策。

This study identifies the causality that bank lending to asset acquisition will increase the asset price itself. Using an original micro data of the land transaction in Tokyo, this study finds the positive effect of the bank lending on the land price by identifying the effect from the opposite causality. The result will contribute to the economic and finance policies.