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
- Sprache
-
Englisch
- Erschienen in
-
Series: ESRB Working Paper Series ; No. 48
- Klassifikation
-
Wirtschaft
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Economic Impacts of Globalization: Finance
Real Estate Markets, Spatial Production Analysis, and Firm Location: General
- Thema
-
Financial Integration
Comovement
House Prices
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Landier, Augustin
Sraer, David
Thesmar, David
- Ereignis
-
Veröffentlichung
- (wer)
-
European Systemic Risk Board (ESRB), European System of Financial Supervision
- (wo)
-
Frankfurt a. M.
- (wann)
-
2017
- DOI
-
doi:10.2849/16088
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Landier, Augustin
- Sraer, David
- Thesmar, David
- European Systemic Risk Board (ESRB), European System of Financial Supervision
Entstanden
- 2017
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