작성일 2026-05-11

파일

안녕하세요, 경제학과 BK사무실입니다.
경제학과 BK21 교육연구단에서 아래와 같이 목요세미나를 개최합니다.
많은 참여 부탁드립니다.

- 일시 : 2026년 5월 14일 (목) 16:30 - 17:45
- 발표자 : 최상엽 교수님 (고려대학교)

- 주제 : Soft Lending Standards, Hard Consequences: How Housing Booms Undermine Productive Investment

- 장소 : 다산경제관 32211호

- Abstract : Housing booms expand banks’ lending opportunities by raising collateral values but can also distort credit allocation toward real estate. Using two decades of Korean data that combine bank-level loan officer surveys, bank–firm matched credit records, and firm and bank balance sheets, we identify the causal effects of housing price shocks with a granular instrumental variable based on regional house price growth across 176 districts. Rising house prices lead banks to loosen mortgage standards while tightening business credit, especially to small and medium-sized enterprises (SMEs). These shifts translate into slower SME loan growth and stronger mortgage expansion. At the firm level, SMEs cut tangible investment sharply, whereas large firms remain unaffected. The evidence reveals a systematic reallocation of credit from productive to collateral-backed lending during housing booms, highlighting how financial cycles can weaken investment and long-run growth even without crises.