The Mortgage Piggy Bank: Building Wealth Through Amortization
研究荷兰2013年强制新抵押贷款全额分期偿还的政策，发现分期偿还几乎完全转化为财富积累，主要通过减少消费和休闲实现，对各类家庭普遍适用。
Abstract In 2013, the Dutch government mandated that new conforming mortgages must fully amortize. Within a difference-in-differences design, we estimate that the marginal wealth accumulation from amortization is close to one, even five years later. Households purchasing after the reform primarily cut consumption and leisure over other savings, leading to a rise in wealth. This holds if we use life events to instrument for the timing of home purchase. Estimates are similar for seemingly unconstrained households and movers, suggesting a broad applicability of our results. Consistent with a simple model, we find lower estimates for households that appear less financially sophisticated or willing to adjust short-term consumption. Mortgage amortization schedules are among the largest savings plans in the world, and our results highlight their critical importance for household wealth building and macroprudential policies.