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Crisis and Italian households: a microeconomic analysis of mortgage contracts

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Author Info

  • Roberto Felici

    ()
    (Bank of Italy)

  • Elisabetta Manzoli

    ()
    (Bank of Italy)

  • Raffaella Pico

    ()
    (Bank of Italy)

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    Abstract

    Using information on about 2 million house purchase loans to households, this paper analyses the effects of the financial crisis on this portion of the credit market. From 2008 to 2011 the total number and value of new mortgages decreased sharply. The results show that young households and non-EU immigrants have been affected more by the decline of new mortgages. The worsening of the economic cycle and the tightening of the lending standards by banks seem to have had a stronger effect on these types of household. Interest rate increases for different groups of household have been fairly similar, albeit greater for smaller mortgages.

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    File URL: http://www.bancaditalia.it/pubblicazioni/econo/quest_ecofin_2/QF_125/QEF_125.pdf
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    Bibliographic Info

    Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 125.

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    Date of creation: Jul 2012
    Date of revision:
    Handle: RePEc:bdi:opques:qef_125_12

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    Web page: http://www.bancaditalia.it
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    Related research

    Keywords: mortgages; financial crisis; credit supply and demand; credit risk; interest rates on mortgage loans.;

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    1. Francesca Modena & Concetta Rondinelli, 2011. "Leaving home and housing prices. The experience of Italian youth emancipation," Department of Economics Working Papers 1101, Department of Economics, University of Trento, Italia.
    2. Leonardo Gambacorta & Paolo Emilio Mistrulli, 2011. "Bank heterogeneity and interest rate setting: What lessons have we learned since Lehman Brothers?," BIS Working Papers 359, Bank for International Settlements.
    3. Eugenio Gaiotti, 2011. "Credit availability and investment in Italy: lessons from the "Great Recession"," Temi di discussione (Economic working papers) 793, Bank of Italy, Economic Research and International Relations Area.
    4. Viviano Eliana & Mocetti Sauro & Olivieri Elisabetta, 2011. "Italian households and labour market: structural characteristics and effects of the crisis," Stato e mercato, Società editrice il Mulino, issue 2, pages 223-243.
    5. Paolo Del Giovane & Ginette Eramo & Andrea Nobili, 2010. "Disentangling demand and supply in credit developments: a survey-based analysis for Italy," Temi di discussione (Economic working papers) 764, Bank of Italy, Economic Research and International Relations Area.
    6. Paiella, Monica & Pozzolo, Alberto Franco, 2007. "Choosing Between Fixed and Adjustable Rate Mortgages," Economics & Statistics Discussion Papers esdp07033, University of Molise, Dept. EGSeI.
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