Job Protection and Mortgage Conditions: Evidence from Italian Administrative Data*
利用意大利2015年劳动法改革（Jobs Act）削弱工作保护的外生变化，结合社保和银行数据，发现工作保护减弱导致抵押贷款金额和贷款价值比下降，且对年轻和低收入借款人影响更大。
Abstract This paper combines administrative data from the Italian social security administration and proprietary data from a major Italian commercial bank to analyse the impact of job protection legislation on mortgage conditions. An exogenous change in the degree of job protection against individual dismissals of workers with open‐ended contracts is identified by exploiting the labour market reform of 2015, the ‘Jobs Act’, which weakened the employment protection of new hires at medium‐sized and large private firms. We find that the lessening of job security led to lower mortgage amounts and a fall in leveraging capacity, as measured by the loan‐to‐value ratio. The impact of job insecurity is mitigated by the presence of co‐mortgagors; it is aggravated for young and low‐income mortgagors.