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Mortgage down-payment and welfare in a life-cycle model

Author

Listed:
  • Michał Rubaszek

    (National Bank of Poland, Economic Institute)

Abstract

The paper presents a standard incomplete markets life-cycle model with housing that is calibrated to the Polish economy. The model is used to analyze the effects of changes in the minimum down-payment restriction on welfare. Our analysis shows that tougher credit conditions have a significant impact on the level of household debt, the ownership ratio and the time of first house purchase. However, assuming well functioning rental market the welfare costs are not sizable.

Suggested Citation

  • Michał Rubaszek, 2012. "Mortgage down-payment and welfare in a life-cycle model," Bank i Kredyt, Narodowy Bank Polski, vol. 43(4), pages 5-28.
    • Handle: RePEc:nbp:nbpbik:v:43:y:2012:i:4:p:5-28
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    File URL: https://bankikredyt.nbp.pl/content/2012/04/bik_04_2012_01_art.pdf
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    Citations

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    Cited by:

    1. Aleksandra Kolasa, 2017. "Macroeconomic consequences of the demographic and educational transition in Poland," Working Papers 2017-30, Faculty of Economic Sciences, University of Warsaw.
    2. Michal Rubaszek & Dobromil Serwa, 2011. "Determinants of credit to households in a life-cycle model," NBP Working Papers 92, Narodowy Bank Polski.
    3. Michał Rubaszek & Adam Czerniak, 2017. "Preferencje Polaków dotyczące struktury własnościowej mieszkań: opis wyników ankiety," Bank i Kredyt, Narodowy Bank Polski, vol. 48(2), pages 197-234.
    4. Rubaszek, Michał & Serwa, Dobromił, 2014. "Determinants of credit to households: An approach using the life-cycle model," Economic Systems, Elsevier, vol. 38(4), pages 572-587.
    5. Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski & Joanna Waszczuk, 2013. "Housing market cycles – a disequilibrium model and its application to the primary housing market in Warsaw," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 35.
    6. Jan Acedański & Julia Włodarczyk, 2018. "Demographics, retirement age, and real interest rates in Poland," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 10(4), pages 355-385, December.
    7. Michal Rubaszek, 2017. "Reforming housing rental market in a life-cycle model," KAE Working Papers 2017-028, Warsaw School of Economics, Collegium of Economic Analysis.
    8. Aleksandra Kolasa, 2022. "The long-term impact of quasi-universal transfers to older households," Working Papers 2022-28, Faculty of Economic Sciences, University of Warsaw.
    9. Arkadiusz Florczak & Janusz Jabłonowski, 2016. "Consumption over the life cycle in Poland," NBP Working Papers 252, Narodowy Bank Polski.

    More about this item

    Keywords

    life-cycle model; housing; mortgage down-payment; welfare;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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