| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17491 |
| DP17491 Refinancing Cross-Subsidies in the Mortgage Market | |
| Alessandro Gavazza; Lu Liu; Jagdish Tripathy | |
| 发表日期 | 2022-07-22 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | In household finance markets, inactive households can implicitly cross-subsidize active households who promptly respond to financial incentives. We assess the magnitude and distribution of cross-subsidies in the mortgage market. To do so, we build a model of household mortgage refinancing and structurally estimate it on rich administrative data on the stock of outstanding UK mortgages in June 2015. We estimate sizeable cross-subsidies during this sample period, from relatively poorer households and those located in less-wealthy areas towards richer households and those located in wealthier areas. Our work highlights how the design of household finance markets can contribute to wealth inequality. Estimated cross-subsidies may differ in more recent periods given changes in the UK mortgage market since 2015. |
| 主题 | Financial Markets |
| 关键词 | Mortgages Refinancing Cross-subsidies Wealth inequality Household inaction Household finance Inertia |
| URL | https://cepr.org/publications/dp17491 |
| 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/546586 |
| 推荐引用方式 GB/T 7714 | Alessandro Gavazza,Lu Liu,Jagdish Tripathy. DP17491 Refinancing Cross-Subsidies in the Mortgage Market. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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