주택금융규제가 비은행권 주택담보대출에 미치는 영향

The government financial authorities are expected to tighten housing finance regulations in the future in order to control household debt. However, the purpose of mortgage lending is not only to provide residential housing, but also to provide funds for business and living expenses. Therefore,there is a possibility that demand for loans between banking sector and non-banking sector will move. In this context, this study empirically analyzed the balloon effects of regulatory arbitrage between banking sector and non-banking sector. The results of the analysis are as follows. First, the strengthening of housing finance regulationshowed that the proportion of non-bank mortgage loan amount and weight increased, and the totalmortgage loans amount of depositary institutions increased. In addition, the strengthening of thehousing finance regulations led to an increase in the proportion of non-banking mortgage loansamong all depositary institutions, as well as a decline in collateral value, thereby inducing a rise inthe lending rate. Excessive regulation on housing finance is likely to increase the burden on borrowers to repaytheir loans. Therefore, Consistent policies for all financial institutions can prevent the balloon effectof mortgages.