INTEREST‐ONLY MORTGAGES AND CONSUMPTION GROWTH: EVIDENCE FROM A MORTGAGE MARKET REFORM
利用丹麦家庭数据，研究只付利息抵押贷款引入后如何通过放松还款约束促进消费增长，发现受约束家庭通过再融资借款增加消费，且杠杆约束家庭因房价上涨获得更大消费增长。
Abstract We use household‐level data to analyze how the introduction of interest‐only (IO) mortgages in Denmark affected consumption expenditure and borrowing. Using an ex ante measure of exposure to the IO mortgage reform motivated by mortgage‐payment and leverage constraints, we show households more likely to use an IO mortgage to relax their mortgage‐payment constraint increased consumption following the reform. This increase in consumption is financed by borrowing at the time of refinancing and by borrowers with lower prereform leverage and higher needs for liquidity. We find even larger postreform consumption growth for the leverage‐constrained homeowners through house‐price growth stimulated by the reform.