Arsenault, Marcel; Clayton, Jim; Peng, Liang - In: The Journal of Real Estate Finance and Economics 47 (2013) 2, pp. 243-265
This paper provides strong evidence for a positive feedback loop between property prices and mortgage supply, using data from the U.S. commercial property and mortgage markets over the 1991 to 2011 period. The empirical analyses control for the endogeneity of property prices, mortgage flows,...