Mortgage Down-Payment and Welfare in a Life-Cycle Model

• Autorzy: Michał Rubaszek
• Języki publikacji: EN

Abstrakty

EN

The paper presents a standard incomplete markets life-cycle model with housing that is calibrated to the Polish economy. The model is used to analyze the effects of changes in the minimum down-payment restriction on welfare. Our analysis shows that tougher credit conditions have a significant impact on the level of household debt, the ownership ratio and the time of first house purchase. However, assuming well functioning rental market the welfare costs are not sizable. (original abstract)

Słowa kluczowe

EN

Life cycles; Housing; Mortgage; Economic models

PL

Cykl życia; Mieszkalnictwo; Hipoteka; Modele ekonomiczne

• Czasopismo: Bank i Kredyt
• Rocznik: 2012
• Numer: nr 4
• Strony: 5--27

Twórcy

autor

Michał Rubaszek

• National Bank of Poland; Warsaw School of Economics

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