1 option
Consumption Effects of Mortgage Payment Holidays: Evidence during the COVID-19 Pandemic / Bruno Albuquerque, Alexandra Varadi.
- Format:
- Book
- Government document
- Author/Creator:
- Albuquerque, Bruno.
- Series:
- IMF Working Papers; Working Paper ; No. 2022/044
- IMF Working Papers
- Language:
- English
- Physical Description:
- 1 online resource (58 pages)
- Other Title:
- Consumption Effects of Mortgage Payment Holidays
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2022.
- Summary:
- We use UK transaction-level data during the Covid-19 pandemic to study whether mortgage payment holidays (PH) can act as a mechanism for smoothing household consumption following negative aggregate shocks. Our results suggest that mortgage PH were accessed by both households with pre-existing financial vulnerabilities and by those with stronger balance sheets, including buy-to-let investors. We also find that the temporary liquidity relief provided by PH allowed liquidity-constrained households to maintain higher annual consumption growth compared to those non-eligible for the policy. Finally, we find that mortgage PH led to higher saving rates for more financially-stable households.
- Notes:
- Description based on print version record.
- ISBN:
- 9798400204463
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.