House Prices and Misallocation: The Impact of the Collateral Channel on Productivity

• 成果类型: Article
• 署名作者: Basco, Sergi; Lopez-Rodriguez, David; Moral-Benito, Enrique
• 署名单位: University of Barcelona; Banco de Espana
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueae075
• 发表日期: 2024
• 页码: 1-35
• 关键词: monetary-policy; bubbles; consumption; booms

摘要

This paper investigates the impact of local house price booms on capital misallocation within industries. Using the geographical variation provided by the Spanish housing boom (2003-7), we show that firms exposed to positive local house price shocks received more bank credit and their investment grew more when they had a higher proportion of real estate assets. This collateral channel results in an increasing dispersion of the capital-labour ratio within industries. A counterfactual calculation suggests that the capital misallocation generated by this channel can account for around 40% of the total factor productivity decline experienced by the Spanish economy during the housing boom.