NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Thierry Tressel

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Working Papers and Chapters

June 2011A Fistful of Dollars: Lobbying and the Financial Crisis
with Deniz Igan, Prachi Mishra
in NBER Macroeconomics Annual 2011, Volume 26, Daron Acemoglu and Michael Woodford, editors
May 2011A Fistful of Dollars: Lobbying and the Financial Crisis
with Deniz Igan, Prachi Mishra: w17076
Has lobbying by financial institutions contributed to the financial crisis? This paper uses detailed information on financial institutions’ lobbying and mortgage lending activities to answer this question. We find that lobbying was associated with more risk-taking during 2000-07 and with worse outcomes in 2008. In particular, lenders lobbying more intensively on issues related to mortgage lending and securitization (i) originated mortgages with higher loan-to-income ratios, (ii) securitized a faster growing proportion of their loans, and (iii) had faster growing originations of mortgages. Moreover, delinquency rates in 2008 were higher in areas where lobbying lenders’ mortgage lending grew faster. These lenders also experienced negative abnormal stock returns during the rescue of Bear...
June 2010External Balance in Low-Income Countries
with Lone Christiansen, Alessandro Prati, Luca Antonio Ricci
in NBER International Seminar on Macroeconomics 2009, Lucrezia Reichlin and Kenneth West, organizers

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