| Description |
1 online resource (70 pages) : color illustrations |
| Series |
IMF working paper ; WP/09/287 |
|
IMF working paper ; WP/09/287.
|
| 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 (iii) instrumental variables strategies. These results show that lobbying lenders engage in riskier lending |
| Notes |
At head of title: Research Department |
|
"December 2009." |
| Bibliography |
Includes bibliographical references (pages 28-31) |
| Notes |
Print version record |
| Subject |
Global Financial Crisis, 2008-2009.
|
|
Lobbying -- Law and legislation -- United States
|
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Financial crises -- United States
|
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Mortgage loans -- Corrupt practices -- United States
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Financial crises
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Lobbying -- Law and legislation
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United States
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| Form |
Electronic book
|
| Author |
Mishra, Prachi, 1975- author.
|
|
Tressel, Thierry, author.
|
|
International Monetary Fund. Research Department.
|
| ISBN |
1462398138 |
|
9781462398133 |
|
1282844741 |
|
9781282844742 |
|
9786612844744 |
|
6612844744 |
|
1452726841 |
|
9781452726847 |
|
1451874324 |
|
9781451874327 |
|
