The Impact of Regulation on Mortgage Risk: Evidence from India

• 成果类型: Article
• 署名作者: Campbell, John Y.; Ramadorai, Tarun; Ranish, Benjamin
• 署名单位: Harvard University; National Bureau of Economic Research; University of Oxford; Centre for Economic Policy Research - UK; Federal Reserve System - USA
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20130220
• 发表日期: 2015
• 页码: 71-102
• 关键词: Securitization; MARKET

摘要

We employ loan-level data on over a million loans disbursed in India between 1995 and 2010 to understand how fast-changing regulation impacted mortgage lending and risk. Our paper uses changes in regulatory treatment discontinuities associated with loan size and leverage to detect regulation-induced loan delinquencies. We also find that an acceleration in the classification of assets as nonperforming resulted in substantially lower delinquency probabilities and losses given delinquency.