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The role of real estate in the New England credit crunch

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Author Info

  • Joe Peek
  • Eric S. Rosengren

Abstract

Banks, particularly in New England, have experienced major losses of capital as a result of their exposure to risky real estate loans. These losses, accompanied by strict enforcement of capital regulations, have caused banks to shrink their assets in an attempt to improve their capital/asset ratios. Poorly capitalized banks have contracted their real estate loans much more than their better-capitalized peers. In New England, which experienced widespread shocks to bank capital, credit availability for real estate is being constrained by capital-impaired lenders.

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File URL: http://www.bostonfed.org/economic/wp/wp1992/wp92_4.pdf
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Bibliographic Info

Paper provided by Federal Reserve Bank of Boston in its series Working Papers with number 92-4.

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Date of creation: 1992
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Publication status: Published in AREUEA 22, no. 1 (Spring 1994): 33-58.
Handle: RePEc:fip:fedbwp:92-4

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Keywords: Real property ; Credit ; Bank loans ; Banks and banking - New England ; New England;

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Cited by:
  1. Takatoshi Ito & Yuri Nagatake Sasaki, 1998. "Impacts of the Basle Capital Standard on Japanese Banks' Behavior," NBER Working Papers 6730, National Bureau of Economic Research, Inc.

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