The stock of real estate loans held by New England Banks has declined dramatically. Given the limited potential for real estate investments, weak demand for real estate loans is to be expected. However supply as well as demand for real estate factors may account for some of the decline in bank real estate loan. This paper documents that the bank lending only for real estate may have been constrained by a capital crunch, whereby poorly capitalized banks shrank their asset, including real estate loans, to satisfy capital requirements. Because the loss of bank capital is so widespread in New England, bank dependent borrowers may have difficulty obtaining real estate financing.
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Length: Date of creation: Dec 1993 Date of revision: Handle: RePEc:boc:bocoec:246
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