Responses to Eliminating Saving Commitments: Evidence from Mortgage Run-offs

被引：1

作者：

Andersen, Steffen ^{[1
]}

D'Astous, Philippe ^{[2
]}

Martinez-Correa, Jimmy ^{[3
]}

Shore, Stephen H. ^{[4
]}

机构：

[1] Copenhagen Business Sch, Dept Finance, Copenhagen, Denmark

[2] HEC Montreal, Dept Finance, Montreal, PQ, Canada

[3] Copenhagen Business Sch, Dept Econ, Copenhagen, Denmark

[4] Georgia State Univ, Robinson Coll Business, Dept Risk Management & Insurance, Atlanta, GA 30303 USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2022年 / 54卷 / 05期

关键词：

Saving commitments; permanent income hypothesis; mortgage run-offs; CONSUMPTION RESPONSE; INCOME; ACCOUNTS; PAYMENT; DEBT;

D O I：

10.1111/jmcb.12879

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study consumers' responses to removing a saving constraint. Mortgage run-offs predictably relax a saving constraint for borrowers whose mortgage committed them to save by paying down principal. Using the entire Danish population, we identify mortgages on track to run off between 1995 and 2014. We measure the effect of run-offs on earnings and the household balance sheet. We find that borrowers use 39% of previous mortgage payments to decrease labor income and use 53% to pay down other debts. Borrowers run up nonmortgage debt prior to the run-off and this run-up stops once the mortgage is repaid.

引用

页码：1369 / 1405

页数：37

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