【主讲】Jie Zhou (Bank of Canada)
【主题】The Impact of Mortgage Regulations on Households’ Life-cycle Housing Decisions
【时间】2017年6月21日 (周三) 15：30-17：00
【地点】上海财经大学经济学院楼402室
【语言】英文
【摘要】Mortgage regulations are commonly used by policy makers to deal with the rapid growth of mortgage credits and the imbalances in the housing market. In this paper, we develop a quantitative life-cycle model to study the distributional impact of mortgage regulations on home ownership and households’ demand for mortgages. Regulations considered include the loan-to-value (LTV) ratio and the debt-service ratio (DSR). Simulation results show that tightening DSR or LTV limit has small effects on households’ overall home ownership decisions. However, it has stronger impacts on the mortgage balance to income ratio and the fraction of highly-indebted households. Regulations on LTV and DSR have heterogeneous effects as they affect household decisions through different channels.
