１、The main contribution of this paper is in isolating the effect of bank credit on real estate prices using an instrument for the supply of real estate loans. A second
contribution is in applying the analysis to dis-aggregated data.
2、I show  that I have an instrument for the supply of real estate loans, which is the decrease  in banks’ loans to keiretsu firms beginning in the early 1980s
３、There is consensus in the literature on Japan that a shock in the 1980s led banks  to increase lending in the real estate sector. The regulatory change that decreased
the demand for loans by keiretsus is a candidate for that shock
４、the  main part of the paper then explains the Japanese bubble in land prices and its differential impact across Japan’s prefectures using the keiretsu loan shock as an instrument.
5、Data on 150 banks for the years 1983–90 are used and following　Hoshi (2001) all regressions are panel fixed effects that include year dummies and two
lags of prefectural land inflation. Sample summary statistics are shown in Table A1.Columns (1)–(3) of Table 2 are estimated with the real-estate-loans-to-total-loans
ratio (first difference) as the dependent variable。Column (1) is a similar model to that shown in Table 9.1 in Hoshi (2001). Four　lags of the keiretsu loan share (first difference) are included on the right-hand side.The results are significant, indicating that those banks that lost more keiretsu loans　subsequently increased their real estate lending。

我知道本文使用的是综列数据，好象还用到了自回归和分布滞后模型，好象还有工具变量，我不是很清楚，刚上研一，导师给我这篇文章，并要我明天去给他讲，计量我还没有看到动态模型那里去，麻烦各位帮我翻译下，另其处理结果我有点看不懂。附在图片上，希望有高手帮我大致讲解下。感激不尽！！