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Bank Concentration, Mortgage Lending and House Prices

This paper studies the link between banks' geographic concentration and the growth in mortgage lending during the boom and bust cycle. Concentrated banks increase their lending relatively less during the boom, and they experience lower reduction in their loans through the ensuing bust. In the aggregate, bank concentration has an impact on the overall credit supply rather than a mere reallocation of lending between concentrated and diversified banks: MSAs with greater exposure to concentrated banks experience less excessive expansion and contraction in mortgage supply during the boom and the following bust. As a result, higher bank concentration is associated with less severe boom and bust cycle in house prices.