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How Do Regulators Influence Mortgage Risk? Evidence from an Emerging Market

John Campbell (), Tarun Ramadorai () and Benjamin Ranish

No 9136, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: To understand the effects of regulation on mortgage risk, it is instructive to track the history of regulatory changes in a country rather than to rely entirely on cross-country evidence that can be contaminated by unobserved heterogeneity. However, in developed countries with fairly stable systems of financial regulation, it is difficult to track these effects. We employ loan-level data on over a million loans disbursed in India over the 1995 to 2010 period to understand how fast-changing regulation impacted mortgage lending and risk. We find evidence that regulation has important effects on mortgage rates and delinquencies in both the time-series and the cross-section.

Keywords: delinquencies; emerging markets; India; mortgage finance; regulation (search for similar items in EconPapers)
JEL-codes: G21 G28 R21 R31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-cba, nep-rmg and nep-ure
Date: 2012-09
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