| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17076 |
| 来源ID | Working Paper 17076 |
| A Fistful of Dollars: Lobbying and the Financial Crisis | |
| Deniz Igan; Prachi Mishra; Thierry Tressel | |
| 发表日期 | 2011-05-20 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | 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 Stearns and the collapse of Lehman Brothers, but positive abnormal returns when the bailout was announced. Finally, we find a higher bailout probability for lobbying lenders. These findings suggest that lending by politically active lenders played a role in accumulation of risks and thus contributed to the financial crisis. |
| 主题 | Financial Economics ; Financial Institutions ; Other ; Economic Systems |
| URL | https://www.nber.org/papers/w17076 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574750 |
| 推荐引用方式 GB/T 7714 | Deniz Igan,Prachi Mishra,Thierry Tressel. A Fistful of Dollars: Lobbying and the Financial Crisis. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17076.pdf（1691KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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