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- W3191912277 abstract "I develop a structural model of mortgage demand and lender competition to study how leverage regulation affects the U.K. mortgage market. Using variation in risk-weighted capital requirements across lenders and mortgages with different loan-to-values (LTVs), I show that a 1-percentage-point increase in risk-weighted capital requirements increases lenders' marginal cost of originating mortgages by about 26 basis points (11%) on average. I use the estimated model to study proposed leverage regulations. Counterfactual analyses show that large lenders exploit a regulatory cost advantage, which increases concentration by about 20%, and suggest that banning high-LTV mortgages may reduce large lenders' equity buffer." @default.
- W3191912277 created "2021-08-16" @default.
- W3191912277 creator A5082636997 @default.
- W3191912277 date "2021-08-23" @default.
- W3191912277 modified "2023-10-07" @default.
- W3191912277 title "Leverage Regulation and Market Structure: A Structural Model of the U.K. Mortgage Market" @default.
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- W3191912277 doi "https://doi.org/10.1111/jofi.13072" @default.
- W3191912277 hasPublicationYear "2021" @default.
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