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Bank lending effect on German commercial property prices

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Gruber, Johannes ; Lee, Gabriel
Date of publication of this fulltext: 10 Jul 2008 06:34


This paper analyzes the effects of bank lending on German commercial property prices. The theory on the role of financial intermediaries in business cycle activity states that lending activity is characterized by asymmetric information between borrowers and lenders. As a consequence, interest rates may not move to clear lending markets (as in models with moral hazard and adverse selection ...


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