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«Elena Loutskina University of Virginia, Darden School of Business & Philip E. Strahan Boston College, Wharton Financial Institutions Center & NBER ...»

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Demsetz, R. S., and P. E. Strahan, 1997, “Diversification, size, and risk at bank holding companies,” Journal of Money, Credit, and Banking 29, 300-313.

Favara, G. and J. Imbs, 2010, “Credit Supply and the Price of Housing,” http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1706711.

Frame, W. S. and L. J. White, 2005, “Fussing and fuming about Fannie and Freddie: How much smoke, how much fire?” Journal of Economic Perspectives, Spring 2005.

Greenspan, A., 2004, Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, February 24, 2004.

Houston, Joel, Christopher James, and David Marcus, 1997, “Capital Market Frictions and the Role of Internal Capital Markets in Banking,” Journal of Financial Economics 46, 135-164.

Jayaratne, J., and P. E. Strahan, 1996, “The finance-growth nexus: Evidence from bank branch deregulation,” Quarterly Journal of Economics 101, 639-70.

Jayaratne, Jith and Philip E. Strahan, 1998, “Entry Restrictions, Industry Evolution and Dynamic Efficiency: Evidence from Commercial Banking,” Journal of Law and Economics 41(1), 239-74.

Kalemli-Ozcan, S., Papaionnou E. and Peydro J., 2010, “Financial regulation, financial globablization and the synchronization of economic activity,” Working Paper no. 1221, ECB.

Keys, B. J., Mukerjee, T. K., Seru, A. and V. Vig, 2010, “Did securitization lead to lax screening? Evidence from sub-prime loans,” Quarterly Journal of Economics, 125(1), 2010.

29    Kroszner, R. S. and P. E. Strahan, 2008, “Regulation and deregulation of the U.S. banking industry: Causes, consequences and implications for the future,” forthcoming in Economic Regulation and its Reform: What Have We Learned? Edited by Nancy Rose, NBER.

Loutskina, E., 2010, “Does securitization affect bank lending? Evidence from bank responses to funding shocks,” Journal of Financial Economics, forthcoming.

Loutskina, E., and P. E. Strahan, 2009, “Securitization and the declining impact of bank financial condition on loan supply: Evidence from mortgage originations,” Journal of Finance 64(2), 861Loutskina, E., and P. E. Strahan, 2011, “Informed and Uninformed Investment in Housing: The downside of diversification,” Review of Financial Studies 24(5), 1447-80.

Mian A. and A. Sufi, 2009, “The consequences of mortgage credit expansion: Evidence from the 2007 mortgage crisis,” Quarterly Journal of Economics, November 2009, 124(4), 1449-1496.

Mian A. and A. Sufi, 2011, “House Prices, Home Equity Based Borrowing and the US Household Leverage Crisis,” American Economic Review 101, 2132-56.

Morgan, D., Rime, B. and Strahan, P.E., 2004, “Bank Integration and State Business Cycles,” Quarterly Journal of Economics 119(4), 1555-85.

Passmore, W., S. M. Sherlund, and G. Burgess, 2005, “The effect of housing GovernmentSponsored Enterprises on mortgage rates,” Real Estate Economics 33(3), 427-63.

Peek, J. and E. Rosengren, 2000, “Collateral Damage: The effect of the Japanese Banking Crisis on Real Activity in the United States,” American Economic Review 90(1), 34-45 Rajan, U., A. Seru and V. Vig, 2010, The failure of models that predict failure: Distance, incentives and default,” http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1296982 Rice, T. and P. E. Strahan, 2010, “Does Credit Competition Affect Small-Firm Finance? 2010, Journal of Finance 65(3).

Romero-Cortes, K., 2011, ““Did Local Lenders Forecast the Bust? Evidence from the Real Estate Market,” Working paper, Boston College.

Saiz, Albert, 2010, “The Geographic Determinants of House Prices,” Quarterly Journal of Economics 110, 379-406.

Stiroh, K. and P.E. Strahan, 2003, “Competitive Dynamics of Competition: Evidence from US Banking,” Journal of Money, Credit and Banking 35(5), 801-28.

Stock J. H. and M. Yogo, 2005, “Testing for Weak Instruments in Linear IV Regression,” in Identification and Inference for Econometric Models: Essays in Honor of Thomas Rothenberg, edited by D. W. K. Andrew and J. Stock, Cambridge University Press, 80-108.

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0.1 0.09 0.08 0.07 0.06 0.05 0.04 0.03 0.02 0.01 0 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006

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0.16 0.14 0.12 0.1 0.08 0.06 0.04 0.02 0 0.5 0.6 0.7 0.8 0.9 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9

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Figure 2B: Share of Approved Loan Applications 1994-2006.

0.94 0.93 0.92 0.91 0.9 0.89 0.88 0.87 0.86 0.85 0.84 0.5 0.6 0.7 0.8 0.9 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9

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The graph illustrates the responses of two hypothetical markets to changes in the GSE loan cutoff. The subscript LA represents Los-Angeles CA and subscript W represents Wichita KS. Two markets are characterized by different elasticity of housing supply (SLA and SW) as well as different shifts in the demand curves caused by the same change in the loan cut-off (D1LA and D1W). The graph illustrates the corresponding changes in the housing prices.

34    Table 1: Summary Statistics for Measures of Integration and Housing Price Growth Panel A reports summary statistics for two measures of financial integration that vary across CBSA-years. The InCBSA ratio equals the fraction of deposits in CBSA-year that are owned by banking companies with deposits in other CBSAs. Panel B reports summary statistics at the level of CBSA-pair-years, where the measure of integration equals the sum of deposits with common ownership in a pair of CBSAs divided by total deposits in the two CBSAs.

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This table reports regressions of housing price volatility on measures of financial integration. The dependent variable is constructed as follows: first, we regress housing price growth on a CBSA fixed effect and year fixed effect and save the residual. We use the absolute value of this growth residual as teh dependent variable. Each model includes time effects. We report the OLS models with and without CBSA level fixed effects. The IV model is only well identified without the CBSA fixed effects. Standard errors are clustered by CBSA.

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This table reports IV regressions of economic growth on housing price growth, financial integration (In CBSA ratio) and their interaction, by CBSA-Year.

All three of these are treated as endogenous variables, with instruments from Table 5 plus the branching restrictions index. All regressions include time and CBSA fixed effects, along with measures of industry structure and the health of the local banking system. Standard errors are clustered by CBSA.

Personal Income Total Employment Employment growth w/o Growth Growth Construction or Finance GDP Growth (1) (2) (3) (4) House-Price Growth -0.74 -1.10 -0.82 -0.70 (0.59) (0.44) (0.65) (0.35) House-Price Growth *In CBSA Ratio 1.014* 1.426** 1.055* 1.044* (1.75) (2.12) (1.77) (1.69) In CBSA Ratio 0.06 0.13 0.157* 0.212* (0.99) (1.53) (1.75) (1.76) Time fixed effects yes yes yes yes Industry structure yes yes yes yes Banking Sector Controls yes yes yes yes CBSA dummmies yes yes yes yes Ch2-test for joint sig. of three endogenous variables 19.69 22.86 12.28 18.25 Observations 2,783 2,783 2,783 2,783 R-squared 0.547 0.553 0.426 0.44 *** p0.01, ** p0.05, * p0.1

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