低效监管:抵押贷款与总信贷

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2023-06-09 DOI:10.1093/rof/rfad023

Artashes Karapetyan, Jens Soerlie Kvaerner, Maximilian Rohrer

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引用次数: 0

摘要

我们估计支付意愿绕过贷款对价值(LTV)上限。我们的识别依赖于LTV监管豁免债务的外生变化，这种变化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

Abstract 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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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.