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Consumer borrowing after regulations on mortgages : an empirical analysis of the impact of stricter residential mortgage regulations on the use of consumer credit loans in Norway.

Jebsen, Thomas; Tveit, Hanne
Master thesis
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URI
http://hdl.handle.net/11250/2611623
Date
2019
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  • Master Thesis [4657]
Abstract
Over the past six years, consumer credit loans have grown at twice the rate of mortgage loans.

Yet, policymakers have up to now only manifested regulations on lending practices for

residential mortgage loans. In this thesis, we investigate how consumer credit borrowing has

changed in regard to house prices in the event of the policy shifts in 2015 and 2017. Drawing

on data from a bank offering consumer credit loans and a consumer loan-agent, we find that

consumer credit loans increased with house prices in contrast to pre-regulation in which house

prices impacted consumer credit loans negatively. By using the difference-in-difference

method, our results show that the effect is more prominent in areas where higher educated

people reside as well as in the areas outside the four largest cities in Norway. The results are

consistent with arguments that people substitute low-cost mortgages with high-cost consumer

credit loans. Hence, the empirical findings are inconsistent with the regulation`s goal of

reducing household debt in Norway.

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