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The Residential Collateral Channel

Author

Listed:
  • Gabor Pinter

    (Bank of England)

  • Angus Foulis

    (Bank of England)

  • Saleem Bahaj

    (Bank of England)

Abstract

We present evidence on a new macroeconomic channel which we call the residential collateral channel. Through this channel, an increase in real estate prices expands firm activity by enabling company directors to utilise their residential property as a source of funds for their business. This channel is a key determinant of investment and job creation, with a £1 increase in directors’ residential collateral estimated to increase investment by £0.07 and total wage costs by £0.10. To show this, we use a unique combination of UK datasets including firm-level accounting data matched with transaction-level house price data and loan-level residential mortgage data. The aggregate value of residential collateral held by company directors suggests that this channel has important macroeconomic effects. We complement this with further evidence on the corporate collateral channel whereby an increase in real estate prices directly expands firm activity by enabling businesses to borrow more against their corporate real estate. A simple general equilibrium model with collateral constrained firms is used to quantify the aggregate effects of both channels.

Suggested Citation

  • Gabor Pinter & Angus Foulis & Saleem Bahaj, 2016. "The Residential Collateral Channel," 2016 Meeting Papers 502, Society for Economic Dynamics.
    • Handle: RePEc:red:sed016:502
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    11. J. Scott Davis & Kevin X. D. Huang & Ayse Sapci, 2020. "Imperfect substitution in real estate markets and the effect of housing demand on corporate investment," Vanderbilt University Department of Economics Working Papers 20-00002, Vanderbilt University Department of Economics.
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    15. Blickle, Kristian, 2022. "Local banks, credit supply, and house prices," Journal of Financial Economics, Elsevier, vol. 143(2), pages 876-896.
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    19. Lu Zhang & Arzu Uluc & Dirk Bezemer, 2017. "Did pre-crisis mortgage lending limit post-crisis corporate lending? Evidence from UK bank balance sheets," Bank of England working papers 651, Bank of England.
    20. Döttling, Robin & Ratnovski, Lev, 2023. "Monetary policy and intangible investment," Journal of Monetary Economics, Elsevier, vol. 134(C), pages 53-72.
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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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