低效监管:抵押贷款与总信贷

Household Finance eJournal Pub Date : 2021-07-14 DOI:10.2139/ssrn.3854860

Artashes Karapetyan, J. Kvaerner, M. Rohrer

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引用次数: 1

摘要

我们估计了绕过贷款价值比(LTV)上限的支付意愿。我们的识别依赖于LTV监管豁免债务的外生变化，这些债务只能用作个人抵押贷款的替代品。我们的基线估计显示，购房者支付7.3瑞典克朗(SEK)，以避免1瑞典克朗的股权首付。在LTV法规实施后的两年内，不属于LTV计算部分的债务供应增加了约50%。经济状况较差的家庭推动了这一结果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Inefficient Regulation: Mortgages versus Total Credit

We estimate the willingness-to-pay to bypass a loan-to-value (LTV) cap. Our identification relies on exogenous variation in debt exempt from the LTV regulation that can only be used as a substitute for a personal mortgage. Our baseline estimate reveals that homebuyers pay 7.3 Swedish Kroner (SEK) to avoid 1 SEK of equity down payment. The supply of debt not part of the LTV calculation increased by approximately 50% within 2 years after the LTV regulation. Financially weaker households drive the results.

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Household Finance eJournal

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