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Consumption Effects of Mortgage Payment Holidays: Evidence During the COVID-19 Pandemic
Bruno AlbuquerqueAlexandra Varadi
出版International Monetary Fund, 2022-02-25
主題Business & Economics / Finance / Financial Risk ManagementBusiness & Economics / Economics / MacroeconomicsBusiness & Economics / Economics / GeneralBusiness & Economics / Industries / Financial Services
ISBN9798400203107
URLhttp://books.google.com.hk/books?id=RJVlEAAAQBAJ&hl=&source=gbs_api
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註釋We use UK transaction-level data during the Covid-19 pandemic to study whether mortgage payment holidays (PH) can act as a mechanism for smoothing household consumption following negative aggregate shocks. Our results suggest that mortgage PH were accessed by both households with pre-existing financial vulnerabilities and by those with stronger balance sheets, including buy-to-let investors. We also find that the temporary liquidity relief provided by PH allowed liquidity-constrained households to maintain higher annual consumption growth compared to those non-eligible for the policy. Finally, we find that mortgage PH led to higher saving rates for more financially-stable households.