Earticle

초록

영어

As high volatility in asset values can affect collateral values negatively and increase the likelihood of defaults by loan borrowers, facing high price risks in housing markets, banks need to lower risk exposures and reduce loans. Our analysis of US commercial banks shows that banks with higher housing price risks provided fewer loans secured by residential properties before the 2008 financial crisis. These results suggest that banks consider housing price risks when making loan decisions. However, banks with higher housing price risks that were significantly reliant on wholesale funding provided more residential loans, suggesting that they take more risks to improve their short-term performance which can compensate for cost of wholesale funding.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Literature on Housing prices, Price Risks, and Bank Lending
Ⅲ. Data and Methodology
1. Data Sources
2. Methodology and Variables
Ⅳ. Empirical Results
1. The Trends of Key Variables across Time
2. Multivariate Regression
3. Robustness Test Results
4. Summary and Discussion
Ⅴ. Conclusions
References

키워드

저자

• Sung Wook Joh [ Department of Finance, College of Business Administration, Seoul National University ]
• Seongjun Jeong [ Department of Finance, College of Business Administration, Seoul National University ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330