Evidence on the Benefits of Alternative Mortgage Products
利用英国家庭面板数据，研究发现替代性抵押贷款产品（如初始还款额较低的贷款）能帮助预期未来收入更高且更稳定的家庭平滑消费，并带来投资组合多样化、税收优惠和降低住房交易成本等好处。
ABSTRACT Alternative mortgage products have been identified by many as culprits in the financial crisis. However, because of their lower initial mortgage payments relative to loan amount, they may be a valuable tool for households that expect higher and more certain future labor income, and that wish to smooth consumption over the life‐cycle. Using U.K. household‐level panel data, this paper provides evidence in support of this hypothesis and highlights other important benefits of alternative mortgages, including portfolio diversification, tax benefits, and a reduction in the transaction costs incurred in housing transactions.