Journal
JOURNAL OF BANKING & FINANCE
Volume 29, Issue 2, Pages 461-481Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jbankfin.2004.05.015
Keywords
property prices; bank lending; Hong Kong
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This paper studies the relationship between residential property prices and bank lending in Hong Kong. This is an interesting topic for three reasons. First. swings M property prices have been extremely large and frequent in Hong Kong. Second, under the currency board regime. monetary policy cannot be used to guard against asset price swings. Third, despite the collapse in property prices since 1998, the banking sector remains sound. While the contemporaneous correlation between lending and property prices is large. our results suggest that the direction of influence goes from property prices to bank credit rather than conversely. (C) 2004 Elsevier B.V. All rights reserved.
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