Who benefits the most? Risk pooling in mortgage loan insurance: Evidence from the Canadian mortgage market
评估了抵押贷款保险对住房可负担性、家庭杠杆和经济福利的影响，发现放松强制保险要求会抑制购房需求、压低房价，但低收入家庭更难购房，租房需求上升且租金上涨。
Abstract This article evaluates the effect of mortgage loan insurance (MLI), an essential macroprudential tool available to policy makers, on housing affordability, household leverage, and the overall welfare of the economy. A dynamic model of the housing market with heterogeneous households and competitive housing and mortgage markets is constructed and is calibrated to Canadian data. We find that relaxing the mandatory nature of MLI required for mortgages with a loan‐to‐value ratio of 80% or more, in favor of a counterfactual system where MLI reflects credit risks, dampens demand for housing to purchase and puts downward pressure on house prices. Some of the households with low income and low asset holdings can no longer afford a house; therefore, the aggregate homeownership rate drops. In contrast, demand for rental units increases and rents go up.