Data and Code for "The Financial Transmission of Housing Booms: Evidence from Spain"

Version
V0
Resource Type
Dataset : administrative records data, aggregate data, program source code
Creator
  • Martin, Alberto (CREI)
  • Moral-Benito, Enrique (Bank of Spain)
  • Schmitz, Tom (Bocconi University)
Publication Date
2021-02-19
Free Keywords
Credit; Banks; Firm balance sheets
Description
  • Abstract


    This deposit contains data and code for the paper "The Financial Transmission of Housing Booms: Evidence from Spain". The text below reproduces the abstract of the paper.
    How does a housing boom affect credit to non-housing firms? Using bank, firm and loan-level microdata, we show that the Spanish housing boom reduced non-housing credit growth during its first years, but stimulated it later on. These patterns can be rationalized by financial constraints for banks. Constrained banks initially accommodated higher housing credit demand by reducing non-housing credit. Eventually, however, the housing boom increased bank net worth and expanded credit supply. A quantitative model, disciplined by our cross-sectional estimates, indicates that the crowding-out effect was substantial but temporary, and had been fully absorbed by the end of the boom.

Temporal Coverage
  • 1995-01-01 / 2016-12-31
    Time Period: Sun Jan 01 00:00:00 EST 1995--Sat Dec 31 00:00:00 EST 2016
  • 1995-01-01 / 2016-12-31
    Collection Date(s): Sun Jan 01 00:00:00 EST 1995--Sat Dec 31 00:00:00 EST 2016
Geographic Coverage
  • Spain
Sampled Universe
Non-financial firms operating in Spain, Banks operating in Spain.
.
Availability
Download
This study is freely available to the general public via web download.
Relations
  • Has version
    DOI: 10.3886/E122621V1

Update Metadata: 2021-02-19 | Issue Number: 1 | Registration Date: 2021-02-19