Credit-Induced Boom and Bust

This paper exploits the federal preemption of national banks in 2004 from local laws against predatory lending to gauge the effect of the supply of credit on the real economy. First, the preemption regulation resulted in an 11 % increase in annual lending in the 2004–2006 period, which is associated...

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Bibliographic Details
Published in:The Review of financial studies 2017-11, Vol.30 (11), p.3711-3758
Main Authors: Di Maggio, Marco, Kermani, Amir
Format: Article
Language:English
Subjects:
1999-2011
Banking
Credit
Credit risk
Employment
Growth rate
Housing prices
Lending
National banks
Predatory lending
Preemption
Studies
Usury
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