오는 5월 14일(목) 16시 30분에 예정된 세미나 및 앞으로의 목요세미나 일정을 안내드리고자 합니다.

- 일시: 2026년 5월 14일(목) 16:30 - 17:45

- 장소: 다산경제관 32211호

- 발표자: 최상엽 교수님

제목: Soft Lending Standards, Hard Conwequences: How Housing Booms Undermine Productive Investment

초록: Housing booms expand banks' lending opportunities by raising collateral values but can also distort credit allocation toward reral 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 o fhousing 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.