期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：This paper studies the e§ects of imperfect risk-sharing between lenders and borrowers on commercial property prices and leverage. The key friction is that agents use di§erent discount rates to evaluate future áows. Eliminating this pecuniary externality generates large reductions in the volatility of real estate prices and credit. Therefore, policies that enhance risk-sharing between lenders and borrowers reduce the magnitude of boom-bust cycles in real estate prices. We also introduce health shocks to study the e§ect of the COVID-19 crisis on the commercial property market.
