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

  • Michał Rubaszek

    ()

    (National Bank of Poland, Economic Institute)

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.

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File URL: http://www.bankikredyt.nbp.pl/content/2012/04/bik_04_2012_01_art.pdf
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Article provided by National Bank of Poland, Economic Institute in its journal Bank i Kredyt.

Volume (Year): 43 (2012)
Issue (Month): 4 ()
Pages: 5-28

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Handle: RePEc:nbp:nbpbik:v:43:y:2012:i:4:p:5-28
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