Arbeitspapier
Banking integration and house price comovement
The correlation across US states in house price growth increased steadily between 1976 and 2000. This paper shows that the contemporaneous geographic integration of the US banking market, via the emergence of large banks, was a primary driver of this phenomenon. To this end, we first theoretically derive an appropriate measure of banking integration across state pairs and document that house price growth correlation is strongly related to this measure of financial integration. Our IV estimates suggest that banking integration can explain up to one fourth of the rise in house price correlation over this period.
- ISBN
-
978-92-95081-93-2
- Language
-
Englisch
- Bibliographic citation
-
Series: ESRB Working Paper Series ; No. 48
- Classification
-
Wirtschaft
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Economic Impacts of Globalization: Finance
Real Estate Markets, Spatial Production Analysis, and Firm Location: General
- Subject
-
Financial Integration
Comovement
House Prices
- Event
-
Geistige Schöpfung
- (who)
-
Landier, Augustin
Sraer, David
Thesmar, David
- Event
-
Veröffentlichung
- (who)
-
European Systemic Risk Board (ESRB), European System of Financial Supervision
- (where)
-
Frankfurt a. M.
- (when)
-
2017
- DOI
-
doi:10.2849/16088
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Landier, Augustin
- Sraer, David
- Thesmar, David
- European Systemic Risk Board (ESRB), European System of Financial Supervision
Time of origin
- 2017
Other Objects (12)
Commodity price co-movement and global economic activity
What are metal prices like? Co-movement, price cycles and long-run trends
Correlation, price discovery and co-movement of ABS and equity
Proximity and price co-movement in West African rice markets
The Comovement between Real Activity and Prices in the G7
Co-movement of commodity price indexes and energy price index: A wavelet coherence approach
Historical business cycles and market integration. evidence from comovement
In-house banking
News and sectoral comovement
The determinants of increasing equity market comovement: economic or financial integration?
Does bilateral market and financial integration explains international co-movement patterns
The determinants of increasing equity market comovement: economic or financial integration?
Commodity price co-movement and global economic activity
What are metal prices like? Co-movement, price cycles and long-run trends
Correlation, price discovery and co-movement of ABS and equity
Proximity and price co-movement in West African rice markets
The Comovement between Real Activity and Prices in the G7
Co-movement of commodity price indexes and energy price index: A wavelet coherence approach
Historical business cycles and market integration. evidence from comovement
In-house banking
News and sectoral comovement
The determinants of increasing equity market comovement: economic or financial integration?
Does bilateral market and financial integration explains international co-movement patterns
The determinants of increasing equity market comovement: economic or financial integration?
Commodity price co-movement and global economic activity
What are metal prices like? Co-movement, price cycles and long-run trends
Correlation, price discovery and co-movement of ABS and equity
Proximity and price co-movement in West African rice markets
The Comovement between Real Activity and Prices in the G7
Co-movement of commodity price indexes and energy price index: A wavelet coherence approach
Historical business cycles and market integration. evidence from comovement
In-house banking
News and sectoral comovement
The determinants of increasing equity market comovement: economic or financial integration?
Does bilateral market and financial integration explains international co-movement patterns