法规,社区银行和信用合作社退出,以及获得抵押贷款信贷

A. Alexandrov, X. Ang
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引用次数: 2

摘要

我们分析了美国次级抵押贷款监管对抵押贷款可获得性的影响。由于所有次级抵押贷款发起人都受到监管的影响,因此没有自然的控制组。我们用利润最大化的假设来构造一个控制组。尽管在200多个县约有200家机构退出了次级抵押贷款市场,但我们没有发现统计上或经济上显著的影响。这些结果以及论文中提出的其他证据强烈表明,消费者能够转向由退出债权人的竞争对手发起的类似贷款。然后,我们进行了几次稳健性检查,包括将我们的方法与更传统的方法进行比较,该方法使用未受影响但相关的市场(次级制造住房)作为对照组,并分析后来的法规使许多债权人免于上述法规的影响,这种新法规为回归不连续方法提供了自然阈值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Regulations, Community Bank and Credit Union Exits, and Access to Mortgage Credit
We analyze the effect of a U.S. subprime mortgage regulation on the availability of mortgage credit. Due to all subprime mortgage originators being affected by the regulation, there is no natural control group. We use the assumption of profit maximization to construct a control group. We find no statistically or economically significant impact, despite about 200 institutions exiting the subprime mortgage market in over 200 counties. These results, along with other evidence presented in the paper, strongly suggest that consumers were able to switch to similar loans originated by the exiting creditors' competitors. We then perform several robustness checks, including comparing our approach with a more traditional method of using an unaffected but related market (subprime manufactured housing) as a control group and analyzing the effects of a later regulation exempting many creditors from the aforementioned regulation, with this newer regulation presenting a natural threshold for a regression discontinuity approach.
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