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The impact of borrower-based instruments on household vulnerability in Germany
Barasinska, Nataliya; Ludwig, Johannes; Vogel, Edgar - 2021 - This version: June 22, 2021
macroprudential supervisors since 2017: a cap on the loan-to-value (LTV) ratio and an amortization requirement, but none of them has … hypothetical activation shows that the introduction of a cap on the loan-to-value (LTV) ratio of new mortgage loans in Germany …
Persistent link: https://www.econbiz.de/10012589225
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Housing Wealth Reallocation between Subprime and Prime Borrowers during Recessions
Sapci, Ayse; Vu, Nam - 2021
The Survey of Consumer Finances indicates that, unlike subprime borrowers, prime borrowers are more likely to own investment homes during recessions than during recoveries. Drawing on this empirical fact, we present and estimate a dynamic stochastic general equilibrium model that distinguishes...
Persistent link: https://www.econbiz.de/10013242279
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Mortgage regulation and financial vulnerability at the household level
Aastveit, Knut Are; Juelsrud, Ragnar Enger; Wold, Ella Getz - 2020
We evaluate the impact of mortgage regulation on credit volumes, household balance sheets and the reaction to adverse … information from official tax records, we identify causal effects of mortgage loan-to-value (LTV) limits. Our results show that …
Persistent link: https://www.econbiz.de/10012262509
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Consumption in the Great Recession : the financial distress channel
Athreya, Kartik B.; Mather, Ryan; Mustre-del-Río, José; … - 2019
During the Great Recession, the collapse of consumption across the U.S. varied greatly but systematically with house-price declines. We find that financial distress among U.S. households amplified the sensitivity of consumption to house-price shocks. We uncover two essential facts: (1) the...
Persistent link: https://www.econbiz.de/10012137091
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Back to the future? : macroprudential policy and the rebirth of local authority mortgages in Ireland
O'Toole, Conor; Slaymaker, Rachel - 2020
The global financial crisis heralded a new era of macroprudential mortgage regulations such as loan-to-value and loan …-time buyers. In this paper, we examine the introduction of a direct public mortgage, the Rebuilding Ireland Home Loan, which aims … regulatory framework. The scheme enables these lower to middle-income borrowers to access mortgage credit and thus directly …
Persistent link: https://www.econbiz.de/10012389960
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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2010
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the rise in U.S. household leverage from 2002 to 2006 and the increase in defaults...
Persistent link: https://www.econbiz.de/10013152833
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Household debt and housing bubble : a Minskian approach to boom-bust cycles
Ryoo, Soon - 2015
This paper examines macroeconomic dynamics of household debt and housing prices. Drawing on Minsky's insights into financial instability and cycles, our framework combines household debt dynamics with behavioral asset price dynamics in a Keynesian macro model. We show that endogenous boom-bust...
Persistent link: https://www.econbiz.de/10011522147
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Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty
Chen, Hui - 2020
Mortgage refinancing activity associated with extraction of home equity contains a strongly counter-cyclical component …-cyclical idiosyncratic labor income uncertainty, both long-term and short-term mortgages, and realistic borrowing constraints. We then … empirically evaluate its predictions for the households' choices of leverage, liquid assets, and mortgage refinancing using micro …
Persistent link: https://www.econbiz.de/10012857299
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Mortgage Debt and Household Deleveraging : Accounting for the Decline in Mortgage Debt Using Consumer Credit Record Data
Bhutta, Neil - 2012
. From 2009:Q3 to 2011:Q3, aggregate household debt declined by about $1.5 trillion in real terms, with mortgage debt falling … individual credit records to better understand why mortgage debt has declined. I decompose changes in aggregate mortgage debt … over two-year periods spanning the past decade into inflows (from individuals whose mortgage debt increases during a given …
Persistent link: https://www.econbiz.de/10013106986
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Mortgage Debt and Household Deleveraging : Accounting for the Decline in Mortgage Debt Using Consumer Credit Record Data
Bhutta, Neil - 2012
. From 2009:Q3 to 2011:Q3, aggregate household debt declined by about $1.5 trillion in real terms, with mortgage debt falling … individual credit records to better understand why mortgage debt has declined. I decompose changes in aggregate mortgage debt … over two-year periods spanning the past decade into inflows (from individuals whose mortgage debt increases during a given …
Persistent link: https://www.econbiz.de/10013108731