Banking Competition, Housing Prices and Macroeconomic Stability

• 成果类型: Article
• 署名作者: Andres, Javier; Arce, Oscar
• 署名单位: University of Valencia
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2012.02531.x
• 发表日期: 2012
• 页码: 1346-1372
• 关键词: credit market competition; monetary-policy; Financial accelerator; BUSINESS; INFORMATION; dependence; distance

摘要

We develop a macroeconomic model with an imperfectly competitive bank-loans market and collateral constraints that tie investors credit capacity to the value of their real estate holdings. Lending margins are optimally set by banks and have a significant effect on aggregate variables. Over the long run, stronger banking competition increases output by triggering a reallocation of available collateral towards investors. In the short-run, output, credit and housing prices are more responsive on impact to shocks in an environment of highly competitive banks. Also, stronger banking competition implies higher (lower) persistency of credit and output after a monetary (credit crunch) shock.