| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28092 |
| 来源ID | Working Paper 28092 |
| Aggregate and Distributional Impacts of LTV Policy: Evidence from China's Micro Data | |
| Kaiji Chen; Qing Wang; Tong Xu; Tao Zha | |
| 发表日期 | 2020-11-16 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Using three unique micro datasets, we find that an unexpected and unprecedented loosening of China's LTV policy for non-primary houses fueled the entire mortgage boom during 2014Q4-2016Q3. The mortgage expansion disproportionately increased the share of mortgages to middle-aged homeowners with high education, while their consumption growth declined persistently. To interpret these empirical findings, we develop a quantitative model and identify that homeowners' trade-up of their primary homes as speculative housing investment is a key channel for a change in LTV policy to exert aggregate and distributional impacts on mortgage markets. Our cross-city evidence provides empirical support for this channel. |
| 主题 | Macroeconomics ; Consumption and Investment ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w28092 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585766 |
| 推荐引用方式 GB/T 7714 | Kaiji Chen,Qing Wang,Tong Xu,et al. Aggregate and Distributional Impacts of LTV Policy: Evidence from China's Micro Data. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28092.pdf（1053KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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