Do first time buyers default less? Implications for macro-prudential policy
研究了爱尔兰首次购房者与二次及以上购房者的违约率差异，发现控制借款人特征后首次购房者违约率更低，支持对首次购房者采取差异化监管。
Macro-prudential policy is designed to address risk at a systemwide level, an example of which is mortgage default following excessive residential property lending in Ireland. Policy tools to address this risk, such as caps on loan- to-value and loan-to-income ratios, are used to build balance sheet resilience and by design should re ect the risk profile of borrower groups. This research considers whether default rates are different between first time buyers and second and subsequent buyers and finds that first time buyers have lower default rates having controlled for borrower and loan characteristics. This research is consistent with differential regulatory treatment of first time buyers with default risk remaining comparable to the remainder of mortgage lending.