Capital requirements, risk shifting and the mortgage market

Gespeichert in:

Personen und Körperschaften:	Uluc, Arzu (VerfasserIn), Wieladek, Tomasz (VerfasserIn)
Titel:	Capital requirements, risk shifting and the mortgage market/ Arzu Uluc, Tomasz Wieladek
Format:	E-Book
Sprache:	Englisch
veröffentlicht:	Frankfurt am Main, Germany European Central Bank [2017]
Gesamtaufnahme:	Europäische Zentralbank: Working paper series ; no 2061 (May 2017)
Schlagwörter:	Arbeitspapier Online-Publikation
Quelle:	Verbunddaten SWB Lizenzfreie Online-Ressourcen


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520			\|a We study the effect of changes to bank-specific capital requirements on mortgage loan supply with a new loan-level dataset containing all mortgages issued in the UK between 2005Q2 and 2007Q2. We find that a rise of a 100 basis points in capital requirements leads to a 5.4% decline in individual loan size by bank. Loans issued by competing banks rise by roughly the same amount, which is indicative of credit substitution. Borrowers with an impaired credit history (verified income) are not (most) affected. This is consistent with origination of riskier loans to grow capital by raising retained earnings. No evidence for credit substitution of non-bank finance companies is found.
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contents	We study the effect of changes to bank-specific capital requirements on mortgage loan supply with a new loan-level dataset containing all mortgages issued in the UK between 2005Q2 and 2007Q2. We find that a rise of a 100 basis points in capital requirements leads to a 5.4% decline in individual loan size by bank. Loans issued by competing banks rise by roughly the same amount, which is indicative of credit substitution. Borrowers with an impaired credit history (verified income) are not (most) affected. This is consistent with origination of riskier loans to grow capital by raising retained earnings. No evidence for credit substitution of non-bank finance companies is found.
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spelling	Uluc, Arzu VerfasserIn aut, Capital requirements, risk shifting and the mortgage market Arzu Uluc, Tomasz Wieladek, Frankfurt am Main, Germany European Central Bank [2017], 1 Online-Ressource (circa 43 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2061 (May 2017), We study the effect of changes to bank-specific capital requirements on mortgage loan supply with a new loan-level dataset containing all mortgages issued in the UK between 2005Q2 and 2007Q2. We find that a rise of a 100 basis points in capital requirements leads to a 5.4% decline in individual loan size by bank. Loans issued by competing banks rise by roughly the same amount, which is indicative of credit substitution. Borrowers with an impaired credit history (verified income) are not (most) affected. This is consistent with origination of riskier loans to grow capital by raising retained earnings. No evidence for credit substitution of non-bank finance companies is found., Arbeitspapier DE-206, Online-Publikation DE-206, Wieladek, Tomasz VerfasserIn aut, Europäische Zentralbank Working paper series no 2061 (May 2017) 206100 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, http://hdl.handle.net/10419/175685 Resolving-System kostenfrei Volltext, https://dx.doi.org/10.2866/928362 Resolving-System Volltext, http://hdl.handle.net/10419/175685 LFER, LFER 2019-07-22T00:00:00Z
spellingShingle	Uluc, Arzu, Wieladek, Tomasz, Capital requirements, risk shifting and the mortgage market, Europäische Zentralbank, Working paper series, no 2061 (May 2017), We study the effect of changes to bank-specific capital requirements on mortgage loan supply with a new loan-level dataset containing all mortgages issued in the UK between 2005Q2 and 2007Q2. We find that a rise of a 100 basis points in capital requirements leads to a 5.4% decline in individual loan size by bank. Loans issued by competing banks rise by roughly the same amount, which is indicative of credit substitution. Borrowers with an impaired credit history (verified income) are not (most) affected. This is consistent with origination of riskier loans to grow capital by raising retained earnings. No evidence for credit substitution of non-bank finance companies is found., Arbeitspapier, Online-Publikation
swb_id_str	9887846074
title	Capital requirements, risk shifting and the mortgage market
title_auth	Capital requirements, risk shifting and the mortgage market
title_full	Capital requirements, risk shifting and the mortgage market Arzu Uluc, Tomasz Wieladek
title_fullStr	Capital requirements, risk shifting and the mortgage market Arzu Uluc, Tomasz Wieladek
title_full_unstemmed	Capital requirements, risk shifting and the mortgage market Arzu Uluc, Tomasz Wieladek
title_in_hierarchy	no 2061 (May 2017). Capital requirements, risk shifting and the mortgage market ([2017])
title_short	Capital requirements, risk shifting and the mortgage market
title_sort	capital requirements risk shifting and the mortgage market
topic	Arbeitspapier, Online-Publikation
topic_facet	Arbeitspapier, Online-Publikation
url	http://hdl.handle.net/10419/175685, https://dx.doi.org/10.2866/928362