Easing of borrower-based measures: Evidence from Czech loan-level data

IF 3.6 2区经济学 Q1 BUSINESS, FINANCE

Journal of Banking & Finance Pub Date : 2025-06-01 DOI:10.1016/j.jbankfin.2025.107489

Martin Hodula , Lukáš Pfeifer , Ngoc Anh Ngo

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Abstract

We analyze the impact of easing borrower-based measures on residential mortgage credit and borrower characteristics in the Czech Republic in early 2020. This easing included a relaxation of the LTV limit and the abolition of the DTI and DSTI limits. Our findings indicate that affected households increased borrowing, purchased more expensive houses, and accepted lower collateral values. Borrowers' debt service burdens rose but were offset by income growth. We find that: (i) LTV-constrained borrowers exhibited cash-retention behavior, while DTI- and DSTI-constrained borrowers aligned with the financial accelerator motive; (ii) LTV relaxation had a greater effect in poorer counties, while the abolition of DTI and DSTI limits affected richer regions; (iii) younger borrowers were more impacted by LTV and DTI easing, whereas DSTI easing influenced older borrowers; and (iv) LTV relaxation primarily affected first-time borrowers, while the abolition of DTI and DSTI limits impacted repeat borrowers, who obtained larger mortgages and purchased more expensive properties.

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放宽基于借款人的措施：来自捷克贷款水平数据的证据

我们分析了放宽基于借款人的措施对2020年初捷克共和国住宅抵押贷款信贷和借款人特征的影响。这一放宽措施包括放宽贷款价值比限制和取消DTI和DSTI限制。我们的研究结果表明，受影响的家庭增加借贷，购买更昂贵的房子，并接受较低的抵押品价值。借款人的偿债负担上升，但被收入增长所抵消。研究发现：(1)ltv约束下的借款人表现出现金留存行为，而DTI和dsti约束下的借款人表现出金融加速器动机；放宽贷款利率对较贫穷的县影响较大，而取消直接投资税率和直接投资税率限制对较富裕的地区影响较大；（iii）较年轻的借款人更容易受到LTV和DTI宽松的影响，而DSTI宽松则影响较年长的借款人；放宽LTV主要影响首次借款人，而取消DTI和DSTI限制则影响重复借款人，他们获得了更大的抵押贷款并购买了更昂贵的房产。我们分析了放宽基于借款人的措施对2020年初捷克共和国住宅抵押贷款信贷和借款人特征的影响。这一放宽措施包括放宽贷款价值比限制和取消DTI和DSTI限制。我们的研究结果表明，受影响的家庭增加借贷，购买更昂贵的房子，并接受较低的抵押品价值。借款人的偿债负担上升，但被收入增长所抵消。研究发现：(1)ltv约束下的借款人表现出现金留存行为，而DTI和dsti约束下的借款人表现出金融加速器动机；放宽贷款利率对较贫穷的县影响较大，而取消直接投资税率和直接投资税率限制对较富裕的地区影响较大；（iii）较年轻的借款人更容易受到LTV和DTI宽松的影响，而DSTI宽松则影响较年长的借款人；放宽LTV主要影响首次借款人，而取消DTI和DSTI限制则影响重复借款人，他们获得了更大的抵押贷款并购买了更昂贵的房产。

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来源期刊

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.