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

Autores/as

DOI:

https://doi.org/10.11606/1980-5330/ea153614

Palabras clave:

differences-in-differences, interrupted time series, synthetic control, loan-to-value ratio on the loan amount, real estate loans

Resumen

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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Biografía del autor/a

  • Ana Carolina Zoghbi, Universidade de Brasília

    Professor Adjunto 2 (classe C) na Universidade de Brasilia desde 03/2014. Possui graduação em Ciências Econômicas pela Universidade de São Paulo (2003), mestrado em Economia Aplicada/PPGE/FEARP/USP pela Universidade de São Paulo (2006) e doutorado defendido com Distinção em Administração Pública e Governo EAESP-FGV (2011). Tem experiência na área de Economia, com ênfase em Economia da Educação, Economia Social e Econometria.

  • Rafael Terra de Menezes, Universidade de Brasília

    Doutorado em Economia pela Escola de Economia de São Paulo da Fundação Getúlio Vargas (EAESP-FGV), Brasil (2012). Professor Adjunto da Universidade de Brasília (UnB), Brasil.

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Publicado

2020-09-01

Número

Vol. 24 Núm. 3 (2020)

Sección

Artículos

Licencia

Derechos de autor 2020 Economia Aplicada

Creative Commons License

Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial 4.0.

Cómo citar

Sá, N. D., Zoghbi, A. C., & Menezes, R. T. de. (2020). Impacts of loan-to-value ceilings in the Brazilian mortgage loans. Economia Aplicada, 24(3), 319-342. https://doi.org/10.11606/1980-5330/ea153614