000			01154nam a22001457a 4500
999			_c518029 _d518029
008			210810b ||||| |||| 00| 0 eng d
100			_aMartin, A., Benito, E. M. and Schmitz T. _928419
245			_aThe financial transmission of housing booms: Evidence from Spain
260			_aThe American Economic Review
300			_a3(3), Mar, 2021: p.1013-1053
520			_aHow 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. – Reproduced
773			_aThe American Economic Review
906			_aHOUSING
942			_cAR