Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States
The Japanese banking crisis provides a natural experiment to test whether a loan supply shock can affect real economic activity. Because the shock was external to U.S. credit markets, yet connected through the Japanese bank penetration of U.S. markets, this event allows us to identify an exogenous loan supply shock and ultimately link that shock to construction activity in U.S. commercial real estate markets. We exploit the variation across geographically distinct commercial real estate markets to establish conclusively that loan supply shocks emanating from Japan had real effects on economic activity in the United States.
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Volume (Year): 90 (2000)
Issue (Month): 1 (March)
Pages: 30-45
| Handle: | RePEc:aea:aecrev:v:90:y:2000:i:1:p:30-45 |
| Note: | DOI: 10.1257/aer.90.1.30 |
| Contact details of provider: | Web page: https://www.aeaweb.org/aer/ Email: More information through EDIRC
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References listed on IDEAS
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- Allen B. Frankel & Paul B. Morgan, 1992. "Deregulation and competition in Japanese banking," Proceedings 383, Federal Reserve Bank of Chicago. Full references (including those not matched with items on IDEAS)
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