I study the effects of an increase in the supply of local mortgage credit on house prices by exploiting a natural experiment from Switzerland. In 2008, retail customers migrate deposits from universal banks that are suffering overseas losses to homogeneous and narrowly-local mortgage banks. Using the distance between the two types of banks as an instrument for deposit growth, I show that local mortgage banks increase mortgage lending, which correlates with subsequent house price growth in their markets. My results highlight that bank specialization plays an important role in the allocation of capital.

中文翻译：

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当地银行、信贷供应和房价

我利用瑞士的一项自然实验研究了当地抵押贷款供应增加对房价的影响。2008 年，零售客户将存款从遭受海外损失的全能银行转移到同质的、狭隘的本地抵押银行。使用两类银行之间的距离作为存款增长的工具，我表明当地抵押银行增加抵押贷款，这与随后的市场房价增长相关。我的研究结果强调银行专业化在资本配置中起着重要作用。