Jiménez, Gabriel; Mian, Atif; Peydró, José-Luis; … - In: Journal of Monetary Economics 115 (2020), pp. 162-179
We study bank credit booms, exploiting the Spanish matched credit register over 2001-2009. We extend Khwaja and Mian (2008)’s loan-level estimator by incorporating firm-level general equilibrium adjustments. Higher ex-ante bank real-estate exposure increases credit supply to non-real-estate...