摘要：We test whether there was a change in risk-taking by Irish
banks in the U.K. mortgage market following the introduction
of macroprudential limits on loan-to-value (LTV) and loan-toincome
(LTI) ratios in Ireland in early 2015. Using confidential
loan-level data on lending in the Irish and U.K. mortgage
markets, we provide evidence of risk spillovers whereby Irish
banks increased their LTV and LTI ratios on lending abroad
in response to the regulatory macroprudential tightening at
home. We find heterogeneous effects across groups of borrowers,
with LTVs and LTIs increasing most for first-time homebuyers
(FTBs). We estimate that, relative to a control group
of local lenders, the probability of a high-risk loan being issued
by an Irish bank in the U.K. mortgage market increased by 16
percent overall, and by 28 percent in the FTB segment, after
the policy introduction.
