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The great Irish (de)leveraging 2005-14
Lydon, Reamonn; McIndoe-Calder, Tara - 2017
. Notwithstanding historically low interest rates, we show that income shocks are the main factor contributing to mortgage repayment …
Persistent link: https://www.econbiz.de/10011647888
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On some fiscal effects on mortgage debt growth in the EU
Wolswijk, Guido Franciscus Theodorus (contributor) - 2005
This paper analyses some fiscal aspects of mortgage debt in the EU. It first describes the main fiscal instruments that … governments use to affect mortgage-financed home-ownership. In the empirical part, real mortgage debt growth is analysed for 15 EU … for mortgage debt growth are house prices, financial deregulation, and stock markets while the effects of household income …
Persistent link: https://www.econbiz.de/10003116758
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Leveraged property cycles
Jaccard, Ivan - 2021
This paper studies the effects of imperfect risk-sharing between lenders and borrowers on commercial property prices and leverage. The key friction is that agents use different discount rates to evaluate future flows. Eliminating this pecuniary externality generates large reductions in the...
Persistent link: https://www.econbiz.de/10012503550
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Mortgage indebtedness and household financial distress
Georgarakos, Dimitris; Lojschova, Adriana; … - 2010
towards mortgage indebtedness. We find that a given debt burden creates much higher distress in countries with fewer mortgage … holders relative to countries where a significant part of households uses mortgage debt. This effect is net of ppp …. - Mortgage debt ; credit markets ; financial distress ; household finance ; peer effects …
Persistent link: https://www.econbiz.de/10003971055
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Capital requirements, risk shifting and the mortgage market
Uluc, Arzu; Wieladek, Tomasz - 2017
We study the effect of changes to bank-specific capital requirements on mortgage loan supply with a new loan …
Persistent link: https://www.econbiz.de/10011647900
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Identifying excessive credit growth and leverage
Alessi, Lucia; Detken, Carsten - 2014
Persistent link: https://www.econbiz.de/10010441176
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Liquidity constraints and demand for maturity the case of mortgages
Ferrari, Alessandro; Loseto, Marco - 2023
Using administrative data on mortgages issued in Italy between 2018 and 2019, this paper estimates loan demand elasticities to maturity and interest rate. We find that households are responsive to both contract terms: a 1% decrease in interest rate increases the average loan size by 0.22%...
Persistent link: https://www.econbiz.de/10014478506
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Inflation persistence and robust monetary policy design
Coenen, Günter - 2003
This paper investigates the performance of optimised interest rate rules when there is uncertainty about a key determinant of the monetary transmission mechanism, namely the degree of persistence characterising the inflation process. The paper focuses on the euro area and utilises two variants of...
Persistent link: https://www.econbiz.de/10009635885
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Measuring the time-inconsistency of US monetary policy
Surico, Paolo - 2003
This paper offers an alternative explanation for the behavior of postwar US inflation by measuring a novel source of monetary policy time-inconsistency due to Cukierman (2002). In the presence of asymmetric preferences, the monetary authorities end up generating a systematic inflation bias...
Persistent link: https://www.econbiz.de/10009635891
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Monetary stabilisation in a currency union of small open economies
Sánchez, Marcelo (contributor) - 2008
This paper studies stabilisation in a multi-country currency union of small open economies. It abstracts from key factors favouring currency union formation, such as reduced transaction costs and enhanced credibility, which are exogenous to the factors studied here. Demand-side shocks hamper...
Persistent link: https://www.econbiz.de/10003789427