TY  - JOUR
AU  - Campbell,John Y.
AU  - Ramadorai,Tarun
AU  - Ranish,Benjamin
TI  - How Do Regulators Influence Mortgage Risk:  Evidence from an Emerging Market
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 18394
PY  - 2012
Y2  - September 2012
UR  - http://www.nber.org/papers/w18394
L1  - http://www.nber.org/papers/w18394.pdf
N1  - Author contact info:
John Y. Campbell
Morton L. and Carole S.
Olshan Professor of Economics
Department of Economics
Harvard University
Littauer Center 213
Cambridge, MA 02138
Tel: 617/496-6448
Fax: 617/495-7730
E-Mail: john_campbell@harvard.edu

Tarun Ramadorai
University of Oxford
Said Business School
Park End St.
Oxford OX1 1HP
United Kingdom
E-Mail: tarun.ramadorai@sbs.ox.ac.uk

Benjamin Ranish
Department of Economics, Littauer Center
Harvard University
Cambridge, MA 02138
E-Mail: branish@fas.harvard.edu
AB  - 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.
ER  -