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UID:a755bd43e258595098a70e842d2643a3
CATEGORIES:Seminars
CREATED:20150211T143230
SUMMARY:Lunch Seminar: Luigi Guiso - EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:The Supply Side of Household Finance\nAbstract:\nWe propose a new, data-bas
 ed test for the presence of biased financial advice when households choose 
 between Fixed Rate Mortgages (FRM) and Adjustable Rate Mortgages (ARM). If 
 households are wary, the relative cost of FRM and ARM should be a sufficien
 t statistics for a household contract choice: the identity of the bank orig
 inating the loan should play no role. If households rely on banks advice to
  guide their choice, banks may be tempted to bias advice in a direction tha
 t is most convenient to them, so that bank-specific characteristics play a 
 role. We test this implication on the sample of 1.6 million mortgages origi
 nated in Italy between 2004 and 2010. We find that the choice between ARM a
 nd FRM is significantly affected by banks’ characteristics, especially over
  intervals of time during which banks do not adjust the relative price of t
 he two mortgage types. This supports the view that banks are able to affect
  household mortgage choices not only through a price but also through an ad
 vice channel.\n
DTSTAMP:20260421T164619Z
DTSTART:20141001T130000Z
DTEND:20141001T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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