What Fuels the Boom Drives the Bust: Regulation and The Mortgage Crisis
研究发现，监管较弱的独立抵押贷款公司在繁荣期扩张了高风险信贷，并在随后的止赎危机中贡献巨大，利用跨州边界县对数据揭示了监管对贷款标准的影响。
The weakly regulated independent mortgage companies (IMCs) had a vastly disproportional contribution to the expansion in risky credit during the mortgage boom and to the ensuing foreclosure crisis. We exploit a quasi‐experimental setting, created by the inconsistency of state lender regulations between banks and IMCs and their heterogeneity across states, to isolate the impact of regulation on lending standards using county‐pairs straddling state borders. We find that weaker state regulation of IMCs is associated with a sharper expansion of IMCs, particularly in risky high‐yield loans, which were also of worse quality in the weakly regulated states, based on subsequent delinquency.