Crisis and Italian households: a microeconomic analysis of mortgage contracts
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.
|Date of creation:||Jul 2012|
|Contact details of provider:|| Postal: Via Nazionale, 91 - 00184 Roma|
Web page: http://www.bancaditalia.it
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- Mocetti Sauro & Olivieri Elisabetta & Viviano Eliana, 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.
- Leonardo Gambacorta & Paolo Emilio Mistrulli, 2014.
"Bank Heterogeneity and Interest Rate Setting: What Lessons Have We Learned since Lehman Brothers?,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 46(4), pages 753-778, 06.
- Paiella, Monica & Pozzolo, Alberto Franco, 2007. "Choosing Between Fixed and Adjustable Rate Mortgages," Economics & Statistics Discussion Papers esdp07033, University of Molise, Dept. EGSeI.
- Del Giovane, Paolo & Eramo, Ginette & Nobili, Andrea, 2011. "Disentangling demand and supply in credit developments: A survey-based analysis for Italy," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2719-2732, October. Full references (including those not matched with items on IDEAS)
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