Asset bubbles, collateral, and policy analysis

• 成果类型: Article
• 署名作者: Miao, Jianjun; Wang, Pengfei; Zhou, Jing
• 署名单位: Boston University; Jinan University; Zhejiang University; Hong Kong University of Science & Technology
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2015.08.004
• 发表日期: 2015
• 页码: S57-S70
• 关键词: Land bubbles; credit constraints; margins; Tax policies; liquidity; multiple equilibria; welfare

摘要

This paper provides a theory of credit-driven asset bubbles in an infinite-horizon production economy. Entrepreneurs face idiosyncratic investment distortions and credit constraints. An intrinsically useless asset such as land serves as collateral for borrowing. A land bubble can form because land commands a liquidity premium. The land bubble can provide liquidity and relax credit constraints, but can also generate inefficient over investment. Its net effect is to reduce welfare. Property taxes, Tobin's taxes, macroprudential policy, and credit policy can prevent the formation of a land bubble. (C) 2015 Elsevier B.V. All rights reserved.