Impacts of loan-to-value ceilings in the Brazilian mortgage loans
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https://doi.org/10.11606/1980-5330/ea153614Palavras-chave:
tetos de empréstimos sobre valor financiado, empréstimo imobiliário, diferenças-em-diferenças, série temporal interrompida, controle sintéticoResumo
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.
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