Evidence on the Benefits of Alternative Mortgage Products
Evidence on the Benefits of Alternative Mortgage Products
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另类抵押贷款产品好处的证据
DOI：
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发表时间：
2012
期刊：
影响因子：
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通讯作者：
João F. Cocco
中科院分区：
文献类型：
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作者：
João F. Cocco
许多人认为，另类抵押贷款产品是金融危机的罪魁祸首。然而，由于其较低的初始抵押贷款支付相对于贷款金额，他们可能是一个有价值的工具，为家庭谁期望更高和更确定的未来劳动收入，谁希望在整个生命周期平稳消费。本文使用英国家庭层面的面板数据来证明这一假设和其他重要好处的替代抵押贷款，包括投资组合多样化，税收优惠，并减少在住房交易中发生的交易成本的支持证据。
Alternative mortgage products were identified by many as culprits in the financial crisis. However, because of their lower initial mortgage payments relative to loan amount, they may be a valuable tool for households who expect higher and more certain future labor income, and who wish to smooth consumption over the life-cycle. This paper uses United Kingdom household level panel data to show evidence in support of this hypothesis and on other important benefits of alternative mortgages, including portfolio diversification, tax benefits, and a reduction in the transaction costs incurred in housing transactions.