Impacts of loan-to-value ceilings in the Brazilian mortgage loans

Detalhes bibliográficos
Autor(a) principal: Sá, Nadiejda Deane
Data de Publicação: 2020
Outros Autores: Zoghbi, Ana Carolina, Menezes, Rafael Terra de
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Economia Aplicada
Texto Completo: https://www.revistas.usp.br/ecoa/article/view/153614
Resumo: This study aims to assess the impact of loan-to-value ceiling applied by Resolution BCB No. 4,271 on the mortgage market in September 2013. Based on public aggregated data, we assessed the effect of the regulatory change on the loan-to-value and on quality of the portfolio using impact evaluation techniques that aim to estimate true causal effects. Results suggest the intervention did not reduce total mortgage loans. Interrupted time series and differences-in-differences estimates show statistically significant effects on the quality of the portfolio measured by the proportion of poorly rated credits.
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spelling Impacts of loan-to-value ceilings in the Brazilian mortgage loanstetos de empréstimos sobre valor financiadoempréstimo imobiliáriodiferenças-em-diferençassérie temporal interrompidacontrole sintéticodifferences-in-differencesinterrupted time seriessynthetic controlloan-to-value ratio on the loan amountreal estate loansThis study aims to assess the impact of loan-to-value ceiling applied by Resolution BCB No. 4,271 on the mortgage market in September 2013. Based on public aggregated data, we assessed the effect of the regulatory change on the loan-to-value and on quality of the portfolio using impact evaluation techniques that aim to estimate true causal effects. Results suggest the intervention did not reduce total mortgage loans. Interrupted time series and differences-in-differences estimates show statistically significant effects on the quality of the portfolio measured by the proportion of poorly rated credits.O objetivo do presente estudo é avaliar o impacto do teto do valor do empréstimo aplicado pela Resolução BCB 4.271 no mercado de hipotecas em setembro de 2013. Com base em dados públicos agregados, avaliamos o efeito da mudança regulatória no valor dos empréstimos e na qualidade do portfólio usando técnicas de avaliação de impacto que buscam estimar verdadeiros efeitos causais. Os resultados sugerem que a intervenção não reduziu o total de empréstimos hipotecários. As estimativas de séries temporais interrompidas e diferenças em diferenças mostram efeitos estatisticamente significativos na qualidade da carteira, medida pela proporção de créditos com classificação ruim.Universidade de São Paulo, FEA-RP/USP2020-09-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ecoa/article/view/15361410.11606/1980-5330/ea153614Economia Aplicada; Vol. 24 No. 3 (2020); 319-342Economia Aplicada; Vol. 24 Núm. 3 (2020); 319-342Economia Aplicada; v. 24 n. 3 (2020); 319-3421980-53301413-8050reponame:Economia Aplicadainstname:Universidade de São Paulo (USP)instacron:USPenghttps://www.revistas.usp.br/ecoa/article/view/153614/169792Copyright (c) 2020 Economia Aplicadahttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessSá, Nadiejda DeaneZoghbi, Ana CarolinaMenezes, Rafael Terra de2021-03-11T04:47:54Zoai:revistas.usp.br:article/153614Revistahttps://www.revistas.usp.br/ecoaPUBhttps://www.revistas.usp.br/ecoa/oai||revecap@usp.br1980-53301413-8050opendoar:2023-09-13T12:17:13.189901Economia Aplicada - Universidade de São Paulo (USP)false
dc.title.none.fl_str_mv Impacts of loan-to-value ceilings in the Brazilian mortgage loans
title Impacts of loan-to-value ceilings in the Brazilian mortgage loans
spellingShingle Impacts of loan-to-value ceilings in the Brazilian mortgage loans
Sá, Nadiejda Deane
tetos de empréstimos sobre valor financiado
empréstimo imobiliário
diferenças-em-diferenças
série temporal interrompida
controle sintético
differences-in-differences
interrupted time series
synthetic control
loan-to-value ratio on the loan amount
real estate loans
title_short Impacts of loan-to-value ceilings in the Brazilian mortgage loans
title_full Impacts of loan-to-value ceilings in the Brazilian mortgage loans
title_fullStr Impacts of loan-to-value ceilings in the Brazilian mortgage loans
title_full_unstemmed Impacts of loan-to-value ceilings in the Brazilian mortgage loans
title_sort Impacts of loan-to-value ceilings in the Brazilian mortgage loans
author Sá, Nadiejda Deane
author_facet Sá, Nadiejda Deane
Zoghbi, Ana Carolina
Menezes, Rafael Terra de
author_role author
author2 Zoghbi, Ana Carolina
Menezes, Rafael Terra de
author2_role author
author
dc.contributor.author.fl_str_mv Sá, Nadiejda Deane
Zoghbi, Ana Carolina
Menezes, Rafael Terra de
dc.subject.por.fl_str_mv tetos de empréstimos sobre valor financiado
empréstimo imobiliário
diferenças-em-diferenças
série temporal interrompida
controle sintético
differences-in-differences
interrupted time series
synthetic control
loan-to-value ratio on the loan amount
real estate loans
topic tetos de empréstimos sobre valor financiado
empréstimo imobiliário
diferenças-em-diferenças
série temporal interrompida
controle sintético
differences-in-differences
interrupted time series
synthetic control
loan-to-value ratio on the loan amount
real estate loans
description This study aims to assess the impact of loan-to-value ceiling applied by Resolution BCB No. 4,271 on the mortgage market in September 2013. Based on public aggregated data, we assessed the effect of the regulatory change on the loan-to-value and on quality of the portfolio using impact evaluation techniques that aim to estimate true causal effects. Results suggest the intervention did not reduce total mortgage loans. Interrupted time series and differences-in-differences estimates show statistically significant effects on the quality of the portfolio measured by the proportion of poorly rated credits.
publishDate 2020
dc.date.none.fl_str_mv 2020-09-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://www.revistas.usp.br/ecoa/article/view/153614
10.11606/1980-5330/ea153614
url https://www.revistas.usp.br/ecoa/article/view/153614
identifier_str_mv 10.11606/1980-5330/ea153614
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://www.revistas.usp.br/ecoa/article/view/153614/169792
dc.rights.driver.fl_str_mv Copyright (c) 2020 Economia Aplicada
http://creativecommons.org/licenses/by-nc/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2020 Economia Aplicada
http://creativecommons.org/licenses/by-nc/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade de São Paulo, FEA-RP/USP
publisher.none.fl_str_mv Universidade de São Paulo, FEA-RP/USP
dc.source.none.fl_str_mv Economia Aplicada; Vol. 24 No. 3 (2020); 319-342
Economia Aplicada; Vol. 24 Núm. 3 (2020); 319-342
Economia Aplicada; v. 24 n. 3 (2020); 319-342
1980-5330
1413-8050
reponame:Economia Aplicada
instname:Universidade de São Paulo (USP)
instacron:USP
instname_str Universidade de São Paulo (USP)
instacron_str USP
institution USP
reponame_str Economia Aplicada
collection Economia Aplicada
repository.name.fl_str_mv Economia Aplicada - Universidade de São Paulo (USP)
repository.mail.fl_str_mv ||revecap@usp.br
_version_ 1800221695955435520

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