@techreport{NBERw18394,
 title = "How Do Regulators Influence Mortgage Risk:  Evidence from an Emerging Market",
 author = "John Y. Campbell and Tarun Ramadorai and Benjamin Ranish",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "18394",
 year = "2012",
 month = "September",
 URL = "http://www.nber.org/papers/w18394",
 abstract = {To understand the effects of regulation on mortgage risk, it is instructive to track the history of regulatory changes in a country rather than to rely entirely on cross-country evidence that can be contaminated by unobserved heterogeneity. However, in developed countries with fairly stable systems of financial regulation, it is difficult to track these effects. We employ loan-level data on over a million loans disbursed in India over the 1995 to 2010 period to understand how fast-changing regulation impacted mortgage lending and risk. We find evidence that regulation has important effects on mortgage rates and delinquencies in both the time-series and the cross-section.},
}