This article exploits signals of capital pricing and availability in US cities which are obtained from uniquely detailed data on real estate investments. We identify how places were differently affected by the global financial crisis and provide insights which offer an alternative explanation of why US economic growth continues to experience spatial divergence after many decades of convergence. Investment pricing uncovers that before the crisis capital was allocated efficiently across localities, whereas the global financial shock favored large and prosperous places. These findings point to persistent post-crisis asymmetry in local capital market conditions and underscore the capital risk-safety aspects of agglomeration.

中文翻译：

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资本冲击与城市鸿沟

本文利用了美国城市的资本定价和可用性信号，这些信号是从房地产投资的独特详细数据中获得的。我们确定了不同地区如何受到全球金融危机的不同影响，并提供见解，为为什么美国经济增长在数十年趋同后继续经历空间分化提供了另一种解释。投资定价显示，危机之前，资本在各地进行了有效配置，而全球金融冲击则有利于规模大、繁荣的地方。这些发现表明危机后当地资本市场状况持续存在不对称性，并强调了集聚的资本风险安全方面。