This paper explores the effects of changes in lending standards on racial segregation within metropolitan areas. Such changes affect neighborhood choices as well as aggregate prices and quantities in the housing market. Using the credit boom of 2000 to 2006 as a large-scale experiment, we put forward an IV strategy that predicts the relaxation of credit standards as the result of a credit supply shock predominantly affecting liquidity-constrained banks. The relaxed lending standards led to significant outflows of whites from black and racially mixed neighborhoods. Without such a credit supply shock, black households would have had between 2.3 and 5.1 percentage points more white neighbors in 2010.

中文翻译：

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信用标准与隔离

本文探讨了贷款标准的变化对都市圈内种族隔离的影响。这种变化会影响社区的选择以及住房市场的总价格和数量。我们以2000年至2006年的信贷繁荣为大规模实验，提出了一项IV策略，该策略预测由于信贷供应冲击主要影响流动性受限的银行而导致信贷标准的放松。放宽的贷款标准导致白人从黑人和种族混合的社区大量流出。如果没有这种信贷供应的冲击，2010年黑人家庭的白人邻居将增加2.3至5.1个百分点。