relate it to cross-country differences in mortgage market maturity. We find that aside from Italy, homeownership rates and … inequality in the four countries correspond to their mortgage take up rates and its distribution across income, reflecting the … different degree of development of their respective mortgage markets. In Italy, alternative ways of financing, such as family …

The last decade has brought about substantial mortgage innovation and increased refinancing. The objective of the paper … is to understand the determinants and implications of mortgage choice in the context of general equilibrium model with … incomplete markets. The equilibrium characterization allows us to study the impact of mortgage financing decisions in the …