| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12115 |
| DP12115 The Cost of Steering in Financial Markets: Evidence from the Mortgage Market | |
| Andrea Pozzi; Paolo Emilio Mistrulli; Luigi Guiso; Anton Tsoy; Leonardo Gambacorta | |
| 发表日期 | 2018-09-27 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We build a model of the mortgage market where banks attain their optimal mortgage portfolio by setting rates and steering customers. “Sophisticated” households know which mortgage type is best for them; “naive” are susceptible to bank’s steering. Using data on the universe of Italian mortgages, we estimate the model and quantify the welfare implications of steering. The average cost of the distortion is equivalent to 19% of the annual mortgage payment. Since steering also conveys information about mortgages, restricting steering results in a 4% loss. A financial literacy campaign is beneficial for naive households, but hurts sophisticated ones. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Steering Financial advice Mortgage market Consumer protection |
| URL | https://cepr.org/publications/dp12115-1 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542014 |
| 推荐引用方式 GB/T 7714 | Andrea Pozzi,Paolo Emilio Mistrulli,Luigi Guiso,et al. DP12115 The Cost of Steering in Financial Markets: Evidence from the Mortgage Market. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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