Banking integration and house price co-movement

被引：29
|
作者：
Landier, Augustin [1 ]
Sraer, David [2 ,3 ,4 ]
Thesmar, David [4 ,5 ]
机构：
[1] Manufacture Tabacs, Toulouse Sch Econ, 21 Allee Brienne, F-31000 Toulouse, France
[2] Univ Calif Berkeley, Haas Sch Business, 545 Student Serv Bldg, Berkeley, CA 94720 USA
[3] Natl Bur Econ Res, 1050 Massachusetts Ave, Cambridge, MA 02138 USA
[4] Ctr Econ & Policy Res, London EC1V 0DX, England
[5] MIT, Sloan Sch Management, 30 Mem Dr, Cambridge, MA 02142 USA
来源：
JOURNAL OF FINANCIAL ECONOMICS | 2017年 / 125卷 / 01期
基金：
欧洲研究理事会;
关键词：
Financial integration; Co-movement; House prices; FINANCIAL INTEGRATION; GLOBALIZATION; MARKET;
D O I：
10.1016/j.jfineco.2017.03.001
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The correlation in house price growth across US states 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 show that house price growth correlation is strongly related to this measure of financial integration. Our instrumental variable estimates suggest that banking integration can explain up to one-fourth of the rise in house price correlation over this period. (C) 2017 Elsevier B.V. All rights reserved.
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页码：1 / 25
页数：25
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