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Bank Real Estate And The New England Capital Crunch

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Author Info

  • Joe Peek

    (Boston College and Federal Reserve Bank of Boston)

  • Eric S. Rosengren

    (Federal Reserve Bank of Boston)

Abstract

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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Bibliographic Info

Paper provided by Boston College Department of Economics in its series Boston College Working Papers in Economics with number 246.

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Date of creation: Dec 1993
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Handle: RePEc:boc:bocoec:246

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Postal: Boston College, 140 Commonwealth Avenue, Chestnut Hill MA 02467 USA
Phone: 617-552-3670
Fax: +1-617-552-2308
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Web page: http://fmwww.bc.edu/EC/
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Cited by:
  1. Allen N. Berger & Margaret K. Kyle & Joseph M. Scalise, 2000. "Did U.S. Bank Supervisors Get Tougher During the Credit Crunch? Did They Get Easier During the Banking Boom? Did It Matter to Bank Lending?," NBER Working Papers 7689, National Bureau of Economic Research, Inc.
  2. Geoffrey M. B. Tootell, 1996. "Can studies of application denials and mortgage defaults uncover taste-based discrimination?," Working Papers 96-10, Federal Reserve Bank of Boston.

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