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            "namePart": [
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            "namePart": [
                "Sapriza, Horacio",
                {
                    "$": "1974-",
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    "abstract": [
        "Our paper studies the role of the collateral channel for bank credit using con\ufb01dential bank-\ufb01rm-loan data. We estimate that for a 1 percent increase in collateral values, \ufb01rms pledging real estate collateral experience a 12 basis point higher growth in bank lending with higher sensitivities for more credit constrained \ufb01rms. Higher real estate values boost \ufb01rm capital expenditures and lead to lower unemployment and higher employment growth and business creation. Our estimates imply that as much as 37 percent of employment growth over the period from 2013 to 2019 can be attributed to the relaxation of borrowing constraints.\ufeff<br>"
    ],
    "language": [
        "eng"
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    "titleInfo": [
        {
            "title": "The Collateral Channel and Bank Credit",
            "titlePartNumber": "Working Paper 22-04"
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        {
            "$": "https:\/\/doi.org\/10.21144\/wp22-04",
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        "sortDate": "2022-04-25",
        "dateIssued": "April 25, 2022"
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    "typeOfResource": "text",
    "physicalDescription": {
        "form": "electronic",
        "extent": "59 pages",
        "digitalOrigin": "born digital",
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            "titleInfo": [
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                    "title": "Working Papers (Federal Reserve Bank of Richmond)"
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    "accessCondition": "For more information on rights relating to this item, please see: https:\/\/fraser.stlouisfed.org\/title\/working-papers-federal-reserve-bank-richmond-3942\/collateral-channel-bank-credit-615335"
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