Igan, Deniz; Pinheiro, Marcelo - In: Journal of Real Estate Research 32 (2010) 1, pp. 47-74
We implement a three-step procedure to assess the extent of exposure to real estate in commercial banks. First, we investigate the determinants of delinquency on real estate loans. We find the changes in interest rates and income to be the major determinants of aggregate delinquency rate. In the...