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A Fistful of Dollars.
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...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Otros Autores: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington :
International Monetary Fund,
2009.
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| Colección: | IMF Working Papers.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- 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.
- 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.
- 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.