文章基本信息

标题：The Impact of Interest-Rate Subsidies on Long-Term Household Debt: Evidence From a Large Program
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作者：Nuno Martins en Ernesto Villanueva
期刊名称：DNB Working Papers / De Nederlandsche Bank
出版年度：2005
卷号：1
出版社：De Nederlandsche Bank
摘要：The responsiveness of long-term household debt to the interest rate is a crucial pa- rameter for assessing the effectiveness of public policies aimed at promoting specific types of saving. This paper estimates the effect of a reform of a large program that subsidized mortgage interest rates on long-term household debt. The reform established a ceiling in the price of the house that could be Þnanced through the program, and provides plau- sibly exogenous variation in incentives. Using a unique dataset of matched household survey data and administrative records of debt, we document that loss of access to the subsidy decreased the probability of signing a new loan.
关键词：Consumer Borrowing, Mortgage interest rate subsidies, Quasi-natural experiment. JEL Codes: D91, E91, H20.