Relatore:
Rocco Ciciretti
- Roma Tor Vergata
mercoledì 21 settembre 2016
alle ore
12.30
Polo Santa Marta, Via Cantarane 24, Stanza 1.59
We show that the mortgage refinancing costs, which serve as a “lock-in” for mortgage holders, play an important role for household bank switching. Using a unique household panel dataset that enables us to infer individual bank changes, in conjunction with a legal reform that exogenously slashed down the refinancing costs, we find that the households responded to this change by increasingly switching to take out a mortgage (switch for a mortgage), and switching to refinance an existing loan (switch with a mortgage). Dissecting these results, we show that the effect of the reform was not uniform across households, with more educated individuals and those residing in ex-ante less competitive markets being at the forefront of the wave of bank switches.
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- Data pubblicazione
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3 marzo 2016
