04155oam 22010454 450 991078822090332120230721045650.01-4623-9813-81-282-84474-197866128447441-4527-2684-11-4518-7432-4(CKB)3170000000055412(OCoLC)666237585(MiAaPQ)EBC1606026(IMF)WPIEE2009287(EXLCZ)99317000000005541220020129d2009 uf 0engurcn|||||||||txtrdacontentcrdamediacrrdacarrierA Fistful of Dollars : Lobbying and the Financial Crisis /Deniz Igan, Thierry Tressel, Prachi MishraWashington, D.C. :International Monetary Fund,2009.70 p. illIMF Working Papers"December 2009."1-4519-1848-8 Includes bibliographical references.Using detailed information on lobbying and mortgage lending activities, we find that lenders lobbying more on issues related to mortgage lending (i) had higher loan-to-income ratios, (ii) securitized more intensively, and (iii) had faster growing portfolios. Ex-post, delinquency rates are higher in areas where lobbyist' lending grew faster and they experienced negative abnormal stock returns during key crisis events. The findings are robust to (i) falsification tests using lobbying on issues unrelated to mortgage lending, (ii) a difference-in-difference approach based on state-level laws, and (iii) instrumental variables strategies. These results show that lobbying lenders engage in riskier lending.IMF Working Papers; Working Paper ;No. 2009/287Global Financial Crisis, 2008-2009LobbyingLaw and legislationUnited StatesFinancial crisesUnited StatesMortgage loansCorrupt practicesUnited StatesFinancial Risk ManagementimfMacroeconomicsimfPublic FinanceimfIndustries: Financial ServicesimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFinancial CrisesimfNational Government Expenditures and Related Policies: GeneralimfPersonal Income, Wealth, and Their DistributionsimfFinanceimfEconomic & financial crises & disastersimfPublic finance & taxationimfLoansimfFinancial crisesimfExpenditureimfPersonal incomeimfExpenditures, PublicimfIncomeimfUnited StatesimfGlobal Financial Crisis, 2008-2009.LobbyingLaw and legislationFinancial crisesMortgage loansCorrupt practicesFinancial Risk ManagementMacroeconomicsPublic FinanceIndustries: Financial ServicesBanksDepository InstitutionsMicro Finance InstitutionsMortgagesFinancial CrisesNational Government Expenditures and Related Policies: GeneralPersonal Income, Wealth, and Their DistributionsFinanceEconomic & financial crises & disastersPublic finance & taxationLoansFinancial crisesExpenditurePersonal incomeExpenditures, PublicIncomeIgan Deniz1099130Tressel Thierry1463685Mishra Prachi1090676International Monetary Fund.Research Dept.DcWaIMFBOOK9910788220903321A Fistful of Dollars3741513UNINA