Bank lending and property prices in Hong Kong

被引：147

作者：

Gerlach, S

Pen, WS

机构：

[1] Hong Kong Monetary Author, Hong Kong Inst Monetary Res, Hong Kong, Hong Kong, Peoples R China

[2] CEPR, London, England

来源：

JOURNAL OF BANKING & FINANCE | 2005年 / 29卷 / 02期

关键词：

property prices; bank lending; Hong Kong;

D O I：

10.1016/j.jbankfin.2004.05.015

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper studies the relationship between residential property prices and bank lending in Hong Kong. This is an interesting topic for three reasons. First. swings M property prices have been extremely large and frequent in Hong Kong. Second, under the currency board regime. monetary policy cannot be used to guard against asset price swings. Third, despite the collapse in property prices since 1998, the banking sector remains sound. While the contemporaneous correlation between lending and property prices is large. our results suggest that the direction of influence goes from property prices to bank credit rather than conversely. (C) 2004 Elsevier B.V. All rights reserved.

引用

页码：461 / 481

页数：21