A Note on Commercial Mortgage Flows and Construction

S. Michael Giliberto
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S. Michael Giliberto: Salomon Brothers Inc. 7 World Trade Center-38th Floor New York, New York 10048, http://www.smithbarney.com/

Journal of Real Estate Research, 1992, vol. 7, issue 4, 485-492

Abstract: This note presents a model of commercial construction activity that incorporates the availability of mortgage funds as well as the mortgage rate. Empirical tests show that mortgage availability is an important determinant of construction. The model is used to indicate that the flood of mortgage capital in the late 1980s contributed to a real estate "bubble" that produced nearly a billion square feet of excess space.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1992
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Citations: View citations in EconPapers (3)

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