Unintended Consequences of Macroprudential Regulation

Erik Berwart; Mauricio Larraín; Patricio Valenzuela

doi:10.1093/rcfs/cfag007

Unintended Consequences of Macroprudential Regulation

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ID: 326759

2026

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Abstract

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Abstract We study a macroprudential regulation in the emerging market of Chile that raised loan-loss provisions for residential mortgages with loan-to-value (LTV) ratios above 80%. The policy reduced high-LTV borrowing and overall leverage but unintentionally affected households likely to borrow above 80% LTV based on preregulation characteristics. These borrowers liquidated term deposits to meet higher down payments, lowering liquidity and raising short-term delinquency, especially near the threshold. The results uncover a regulatory trade-off: systemic risk is curbed, but financially constrained households face short-term vulnerability. (JEL G21, G28, D40)

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Reference Key	openalex_W7204467196 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors	Erik Berwart, Mauricio Larraín, Patricio Valenzuela Are you one of these authors? Claim your profile
Journal	The Review of Corporate Finance Studies
Year	2026
DOI	10.1093/rcfs/cfag007 Searching for DOI...
URL	https://doi.org/10.1093/rcfs/cfag007 https://doi.org/10.1093/rcfs/cfag007
Keywords	Keywords not found

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