The demand for mortgages under macrovolatility: The Argentine case

Autores
Auguste, Sebastián; Bebczuk, Ricardo Néstor; Moya, Ramiro
Año de publicación
2012
Idioma
inglés
Tipo de recurso
documento de trabajo
Estado
versión enviada
Descripción
This paper analyzes mortgage loan demand in Argentina using a new survey administered in the Buenos Aires Metropolitan Area. It is found that recurring macro volatility and violation of financial property rights have increased demand for real estate as an investment, which in turn raises house prices and makes it more difficult for consumer households to meet minimum income requirements for obtaining a mortgage. Affordability thus seems to offer a better explanation than standard supply side constraints for the small size of the mortgage market in Argentina. Overall, the findings suggest that the shallow mortgage market has not posed a major impediment to home ownership rate in Argentina and that the small (and shrinking) mortgage market has more to do with lack of demand than credit supply constraint.
Departamento de Economía
Materia
Ciencias Económicas
housing
mortgage market
macrovolatility
Argentina
JEL: G21, R21, R31
hipoteca
economía
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by/4.0/
Repositorio
SEDICI (UNLP)
Institución
Universidad Nacional de La Plata
OAI Identificador
oai:sedici.unlp.edu.ar:10915/45899
Acceder
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oai_identifier_str oai:sedici.unlp.edu.ar:10915/45899
network_acronym_str SEDICI
repository_id_str 1329
network_name_str SEDICI (UNLP)
spelling The demand for mortgages under macrovolatility: The Argentine caseAuguste, SebastiánBebczuk, Ricardo NéstorMoya, RamiroCiencias Económicashousingmortgage marketmacrovolatilityArgentinaJEL: G21, R21, R31hipotecaeconomíaThis paper analyzes mortgage loan demand in Argentina using a new survey administered in the Buenos Aires Metropolitan Area. It is found that recurring macro volatility and violation of financial property rights have increased demand for real estate as an investment, which in turn raises house prices and makes it more difficult for consumer households to meet minimum income requirements for obtaining a mortgage. Affordability thus seems to offer a better explanation than standard supply side constraints for the small size of the mortgage market in Argentina. Overall, the findings suggest that the shallow mortgage market has not posed a major impediment to home ownership rate in Argentina and that the small (and shrinking) mortgage market has more to do with lack of demand than credit supply constraint.Departamento de Economía2012-04info:eu-repo/semantics/workingPaperinfo:eu-repo/semantics/submittedVersionDocumento de trabajohttp://purl.org/coar/resource_type/c_8042info:ar-repo/semantics/documentoDeTrabajoapplication/pdfhttp://sedici.unlp.edu.ar/handle/10915/45899enginfo:eu-repo/semantics/altIdentifier/url/http://www.depeco.econo.unlp.edu.ar/doctrab/doc91.pdfinfo:eu-repo/semantics/altIdentifier/issn/1853-3930info:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by/4.0/Creative Commons Attribution 4.0 International (CC BY 4.0)reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-10-15T10:55:01Zoai:sedici.unlp.edu.ar:10915/45899Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-10-15 10:55:01.575SEDICI (UNLP) - Universidad Nacional de La Platafalse
dc.title.none.fl_str_mv The demand for mortgages under macrovolatility: The Argentine case
title The demand for mortgages under macrovolatility: The Argentine case
spellingShingle The demand for mortgages under macrovolatility: The Argentine case
Auguste, Sebastián
Ciencias Económicas
housing
mortgage market
macrovolatility
Argentina
JEL: G21, R21, R31
hipoteca
economía
title_short The demand for mortgages under macrovolatility: The Argentine case
title_full The demand for mortgages under macrovolatility: The Argentine case
title_fullStr The demand for mortgages under macrovolatility: The Argentine case
title_full_unstemmed The demand for mortgages under macrovolatility: The Argentine case
title_sort The demand for mortgages under macrovolatility: The Argentine case
dc.creator.none.fl_str_mv Auguste, Sebastián
Bebczuk, Ricardo Néstor
Moya, Ramiro
author Auguste, Sebastián
author_facet Auguste, Sebastián
Bebczuk, Ricardo Néstor
Moya, Ramiro
author_role author
author2 Bebczuk, Ricardo Néstor
Moya, Ramiro
author2_role author
author
dc.subject.none.fl_str_mv Ciencias Económicas
housing
mortgage market
macrovolatility
Argentina
JEL: G21, R21, R31
hipoteca
economía
topic Ciencias Económicas
housing
mortgage market
macrovolatility
Argentina
JEL: G21, R21, R31
hipoteca
economía
dc.description.none.fl_txt_mv This paper analyzes mortgage loan demand in Argentina using a new survey administered in the Buenos Aires Metropolitan Area. It is found that recurring macro volatility and violation of financial property rights have increased demand for real estate as an investment, which in turn raises house prices and makes it more difficult for consumer households to meet minimum income requirements for obtaining a mortgage. Affordability thus seems to offer a better explanation than standard supply side constraints for the small size of the mortgage market in Argentina. Overall, the findings suggest that the shallow mortgage market has not posed a major impediment to home ownership rate in Argentina and that the small (and shrinking) mortgage market has more to do with lack of demand than credit supply constraint.
Departamento de Economía
description This paper analyzes mortgage loan demand in Argentina using a new survey administered in the Buenos Aires Metropolitan Area. It is found that recurring macro volatility and violation of financial property rights have increased demand for real estate as an investment, which in turn raises house prices and makes it more difficult for consumer households to meet minimum income requirements for obtaining a mortgage. Affordability thus seems to offer a better explanation than standard supply side constraints for the small size of the mortgage market in Argentina. Overall, the findings suggest that the shallow mortgage market has not posed a major impediment to home ownership rate in Argentina and that the small (and shrinking) mortgage market has more to do with lack of demand than credit supply constraint.
publishDate 2012
dc.date.none.fl_str_mv 2012-04
dc.type.none.fl_str_mv info:eu-repo/semantics/workingPaper
info:eu-repo/semantics/submittedVersion
Documento de trabajo
http://purl.org/coar/resource_type/c_8042
info:ar-repo/semantics/documentoDeTrabajo
format workingPaper
status_str submittedVersion
dc.identifier.none.fl_str_mv http://sedici.unlp.edu.ar/handle/10915/45899
url http://sedici.unlp.edu.ar/handle/10915/45899
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/http://www.depeco.econo.unlp.edu.ar/doctrab/doc91.pdf
info:eu-repo/semantics/altIdentifier/issn/1853-3930
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by/4.0/
Creative Commons Attribution 4.0 International (CC BY 4.0)
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by/4.0/
Creative Commons Attribution 4.0 International (CC BY 4.0)
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:SEDICI (UNLP)
instname:Universidad Nacional de La Plata
instacron:UNLP
reponame_str SEDICI (UNLP)
collection SEDICI (UNLP)
instname_str Universidad Nacional de La Plata
instacron_str UNLP
institution UNLP
repository.name.fl_str_mv SEDICI (UNLP) - Universidad Nacional de La Plata
repository.mail.fl_str_mv alira@sedici.unlp.edu.ar
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