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The anatomy of a credit crisis : the boom and bust in farm land prices in the United States in the 1920s.

Author: Raghuram Rajan; Rodney Ramcharan; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2012.
Series: Working paper series (National Bureau of Economic Research), no. 18027.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Does credit availability exacerbate asset price inflation? What channels could it work through? What are the long run consequences? In this paper we address these questions by examining the farm land price boom (and bust) in the United States that preceded the Great Depression. We find that credit availability likely had a direct effect on inflating land prices. Credit availability may have also amplified the  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Raghuram Rajan; Rodney Ramcharan; National Bureau of Economic Research.
OCLC Number: 792992311
Notes: Title from http://www.nber.org/papers/18027 viewed May 2, 2012.
"April 2012."
Description: 1 online resource (60 pages) : illustrations, maps.
Series Title: Working paper series (National Bureau of Economic Research), no. 18027.
Responsibility: Raghuram Rajan, Rodney Ramcharan.

Abstract:

Does credit availability exacerbate asset price inflation? What channels could it work through? What are the long run consequences? In this paper we address these questions by examining the farm land price boom (and bust) in the United States that preceded the Great Depression. We find that credit availability likely had a direct effect on inflating land prices. Credit availability may have also amplified the relationship between the perceived improvement in fundamentals and land prices. When the perceived fundamentals soured, however, areas with higher ex ante credit availability suffered a greater fall in land prices, and experienced higher bank failure rates. Land prices stayed low for a number of decades after the bust in areas that had higher credit availability, suggesting that the effects of booms and busts induced by credit availability might be persistent. We draw lessons for regulatory policy.

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