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Book Cover
Author Igan, Deniz.

Title A Fistful of Dollars
Published Washington : International Monetary Fund, 2009
Online access available from:
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Description 1 online resource (72 pages)
Series IMF Working Papers
IMF Working Papers
Contents I. Introduction; II. Related Literature; III. Empirical Approach; A. Lobbying and Loan Characteristics; B. Empirical Specifications; IV. Data Description; A. Mortgage Lending; B. Lobbying; C. Other Data; D. Construction of the Regressions Dataset; E. Summary Statistics; V. Results; A. Empirical Analysis of Loan-to-Income Ratio; B. Falsification Tests; C. Difference-in-Difference Estimations; D. Instrumental Variable Regressions and GMM; E. Evidence on Lobbying and Securitization and Mortgage Credit Growth; F. Lobbying and Delinquency Rates; G. Stock Price Returns during the Crisis
8. Effect of Lobbying Expenditures on Loan-to-Income Ratio -- System GMM9. Effect of Lobbying Expenditures on Proportion of Loans Sold; 10. Effect of Lobbying Expenditures on Credit Growth; 11.a. Effect of Lobbying on Loan Delinquency Rates; 11b. Effect of Lobbying on Loan Delinquency Rates: Instrumental Variables; 12. Lobbying and Abnormal Stock Returns; 13. Evidence Inconsistent with Alternative Explanation; Figures; 1. Lobbying ex/firm, by Sector, 2006; 2. Evolution of Lobbying Intensity (expenditures per firm) Over Time; 3. Lending Standards; 4. Securitization; Appendix; Table
A1. List of IssuesA2 Lobbying Report Filed by Bear Stearns; A3. Lobbying Report Filed by Bank of America; A4. Effect of Lobbying on Loan-to-Income Ratio: Additional Robustness Checks
H. Discussion of ResultsVI. Conclusion; References; Tables; 1a. Targeted Political Activity Campaign Contributions and Lobbying Expenditures; 1b. Lobbying by Financial Institutions and Lenders' Associations; 2. Summary Statistics; 3. Effect of Lobbying on Loan-to-Income Ratio; 4. Effect of Lobbying Expenditures on Loan-to-Income Ratio; 5. Effect of Lobbying on Loan-to-Income Ratio: Falsification Tests; 6. Effect of Specific Issues Lobbying Expenditures: Differnce-in-Difference Strategy; 7. Effect of Lobbying Expenditures on Loan-to-Income Ratio: Instrumental Variables
Summary Using detailed information on lobbying and mortgage lending activities, we find that lenders lobbying more on issues related to mortgage lending (i) had higher loan-to-income ratios, (ii) securitized more intensively, and (iii) had faster growing portfolios. Ex-post, delinquency rates are higher in areas where lobbyist' lending grew faster and they experienced negative abnormal stock returns during key crisis events. The findings are robust to (i) falsification tests using lobbying on issues unrelated to mortgage lending, (ii) a difference-in-difference approach based on state-level laws, and
Notes Print version record
Form Electronic book
Author Mishra, Prachi, 1975-
Tressel, Thierry.
ISBN 1452726841