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首页> 外文期刊>Journal of money, credit and banking >The Effect of Bank Credit on Asset Prices: Evidence from the Japanese Real Estate Boom during the 1980s
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The Effect of Bank Credit on Asset Prices: Evidence from the Japanese Real Estate Boom during the 1980s

机译：银行信贷对资产价格的影响：1980年代日本房地产热潮的证据

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This paper studies whether bank credit fuels asset prices. Financial deregulation during the 1980s allowed keiretsus to obtain finance publicly and reduce their dependence on banks. Banks that lost these blue-chip customers increased their property lending, and serve as an instrument for the supply of real estate loans. Using this instrument, I find that a 0.01 increase in a prefecture's real estate loans as a share of total loans causes 14-20% higher land inflation compared with other prefectures over the 1981 -91 period. The timing of losses of keiretsu customers also coincides with subsequent land inflation in a prefecture.
机译：本文研究了银行信贷是否推动了资产价格。 1980年代的金融管制放松使keiretsus得以公开获得融资并减少了对银行的依赖。失去这些蓝筹客户的银行增加了房地产贷款，并成为提供房地产贷款的工具。使用该工具，我发现在1981年-91年期间，与其他县相比，一个县的房地产贷款增加了0.01％，导致土地通货膨胀率提高了14-20％。 keiretsu客户流失的时间也与县内随后的土地通货膨胀同时发生。

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