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The demand for long-term mortgage contracts and the role of collateral
Liu, Lu - 2023
Long-term fixed-rate mortgage contracts protect households against interest rate risk, yet most countries have … fixation length tracks the life-cycle decline of credit risk in the mortgage market: the loan-to-value (LTV) ratio decreases … using shorter-term contracts. To quantify demand for long-term contracts, I develop a life-cycle model of optimal mortgage …
Persistent link: https://www.econbiz.de/10014309040
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Housing and credit misalignments in a two-market disequilibrium framework
Karmelavičius, Jaunius; Mikaliūnaitė-Jouvanceau, Ieva; … - 2022
During the COVID-19 pandemic, house prices and mortgage credit rose at a longunseen pace. It is unclear, however … novel approach in the financial s tability literature t o j ointly m easure h ouse price overvaluation and mortgage credit … flow g aps. We find that, by mid-2021, Lithuania was experiencing a heating-up in housing and mortgage credit markets, with …
Persistent link: https://www.econbiz.de/10013350527
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Macroprudential policy and the role of institutional investors in housing markets
Muñoz, Manuel A.; Smets, Frank - 2022
Since the onset of the Global Financial Crisis, the presence of institutional investors in housing markets has steadily increased over time. Real estate funds (REIFs) and other housing investment Örms leverage large-scale buy-to-rent real estate investments that enable them to set prices in...
Persistent link: https://www.econbiz.de/10013350532
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Fear the walking dead? : zombie firms in the euro area and their effect on healthy firms' credit conditions
Havemeister, Lea Katharina; Horn, Kristian - 2023
Zombie firms may adversely impact healthy firms through several transmission channels. Besides real spillover effects on productivity or investment, zombies may also cause negative financial spillover effects, where zombies receive credit at more favourable conditions than healthy firms. We...
Persistent link: https://www.econbiz.de/10014309045
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Long-term debt propagation and real reversals
Drehmann, Mathias; Juselius, Mikael; Korinek, Anton - 2023
We examine a propagation mechanism that arises from households' long-term borrowing and show empirically that it has sizable real effects. The mechanism recognises that when there is long-term debt, an impulse to new borrowing generates a predictable hump-shaped path of future debt service. We...
Persistent link: https://www.econbiz.de/10014248726
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Constructing a composite indicator to assess cyclical systemic risks : an early warning approach
Koponen, Heidi - 2024
The main contribution of this paper is the construction of a cyclical systemic risk indicator from early warning indicators of banking crises (EWIs) used in Finland. Previous research has shown that combining EWIs can enhance their early warning properties. This study evaluates the indicator's...
Persistent link: https://www.econbiz.de/10014526680
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The effect of structural risks on financial downturns
Hodula, Martin; Janků, Jan; Pfeifer, Lukáš - 2022
We investigate the extent to which various structural risks exacerbate the materialization of cyclical risk. We use a large database covering all sorts of cyclical and structural features of the financial sector and the real economy for a panel of 30 countries over the period 2006Q1-2019Q4. We...
Persistent link: https://www.econbiz.de/10013391113
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Housing and credit misalignments in a two-market disequilibrium framework
Karmelavičius, Jaunius; Mikaliūnaitė-Jouvanceau, Ieva; … - 2022
Persistent link: https://www.econbiz.de/10013179200
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Micro-assessment of macroprudential borrower-based measures in Lithuania
Dirma, Mantas; Karmelavičius, Jaunius - 2023
Persistent link: https://www.econbiz.de/10013502304
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Downward nominal house price rigidity : evidence from three centuries of data on housing transactions
Erlandsen, Solveig K.; Juelsrud, Ragnar Enger - 2023
By analyzing housing data from the period 1850 to 2019 in Norway, we find evidence of downward nominal house price rigidity. More specifically, we document that there is a marked fraction of repeat-sales housing transactions with a zero nominal price change and show that this fraction increases...
Persistent link: https://www.econbiz.de/10013484725