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The impact of interest-rate subsidies on long-term household debt: Evidence from a large program;
The Impact of Mortgage Interest Rate Subsidies on Household Borrowing
Martins, Nuno C.; Villanueva, Ernesto
Universitat Pompeu Fabra. Departament d'Economia i Empresa
The responsiveness of long-term household debt to the interest rate is acrucial parameter for assessing the effectiveness of public policies aimedat promoting specific types of saving. This paper estimates the effect ofa reform of Credito Bonificado, a large program in Portugal that subsidizedmortgage interest rates, on long-term household debt. The reform establisheda ceiling in the price of the house that could be financed through theprogram, and provides plausibly exogenous variation in incentives. Usinga unique dataset of matched household survey data and administrative recordsof debt, we document a large decrease in the probability of signing a newloan after the removal of the subsidy.
Labour, Public, Development and Health Economics
consumer borrowing
quasi-natural experiment
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