Deng, Guoying; Li, Zhigang; Ye, Guangliang - BBVA Research, Grupo BBVA - 2012
Utilizing a large transaction-level dataset on housing mortgages in China, this study estimates the effect of the mortgage rate spread between long- and short-term loans on property purchasers choice of loan length. Our identification of the causal effect of this spread on loan length hinges on...