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American Economic Review: Vol. 90 No. 1 (March 2000)

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Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States

Article Citation

Peek, Joe, and Eric S. Rosengren. 2000. "Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States." American Economic Review, 90(1): 30-45.

DOI: 10.1257/aer.90.1.30

Abstract

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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Authors

Peek, Joe (Boston College)
Rosengren, Eric S. (Federal Reserve Bank of Boston)

JEL Classifications

G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
E44: Financial Markets and the Macroeconomy


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