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The Demand for Mortgages under Macro Volatility: The Argentine Case

Sebastian Auguste (), Ricardo Bebczuk () and Ramiro Moya

No 4751, Research Department Publications from Inter-American Development Bank, Research Department

Abstract: 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 constraints.

JEL-codes: G21 R21 R31 (search for similar items in EconPapers)
Date: 2011-11
New Economics Papers: this item is included in nep-ure
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Related works:
Working Paper: The Demand for Mortgages under Macro Volatility: The Argentine Case (2012) Downloads
Working Paper: The Demand for Mortgages under Macro Volatility: The Argentine Case (2012) Downloads
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