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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.56,Issue1,P.76-100

语言

英文

关键字

Households; Mortgages; Financial constraints; Credit risk; BORROWING CONSTRAINTS; HOMEOWNERSHIP; MATTER; MARKETS

作者单位

[Carbo-Valverde, Santiago] CUNEF, Bangor Business Sch, Bangor LL57 2DG, Gwynedd, Wales. [Carbo-Valverde, Santiago] Funcas, Bangor LL57 2DG, Gwynedd, Wales. [Mayordomo, Sergio] Banco Espana, ADG Econ & Res, C Alcala 48, Madrid 28014, Spain. [Rodriguez-Fernandez, Francisco] Univ Granada, Campus Cartuja Sn, Granada 18011, Spain. [Rodriguez-Fernandez, Francisco] Funcas, Fac CCEE & Empresariales, Campus Cartuja Sn, Granada 18011, Spain. Mayordomo, S (reprint author), Banco Espana, ADG Econ & Res, C Alcala 48, Madrid 28014, Spain. E-Mail: s.carbo-valverde@bangor.ac.uk; sergio.mayordomo@bde.es; franrod@ugr.es

摘要

In this paper we disentangle the impact of household financial constraints on mortgage rate from a number of dimensions of credit risk. This analysis relies on a dataset that contains information on the economic and financial decisions of Spanish households in four different years: 2002, 2005, 2008, and 2011. Our results suggest that banks' profitable customers are able to bargain for lower mortgage rates. However, contrary to other studies, the risk profile does not have a significant effect on mortgage rates. Credit institutions tend to charge higher rates during the crisis to all customers, irrespective of their risk profiles.