Effects of a mortgage interest rate subsidy: evidence from Colombia

Government intervention in the construction sector as a way to boost the economy has been a constant in Colombia for the past 90 years. This paper explicitly tests the impact of the most recent of such interventions: a subsidy to the mortgage interest rate. Our results show that the subsidy boosted...

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Autores:
Hofstetter Gascón, Marc
Tovar Mora, Jorge Andrés
Urrutia Montoya, Miguel
Tipo de recurso:
Work document
Fecha de publicación:
2011
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
eng
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/8252
Acceso en línea:
http://hdl.handle.net/1992/8252
Palabra clave:
Mortgage loans
Mortgage interest rate subsid
History of mortgage loans in Colombia
Hipotecas - Investigaciones - Colombia
Hipotecas - Historia - Colombia
Subsidios para vivienda - Investigaciones - Colombia
N96, R21, R28
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
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spelling Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Hofstetter Gascón, Marc8731600Tovar Mora, Jorge Andrés10750600Urrutia Montoya, Miguel108206002018-09-27T16:51:36Z2018-09-27T16:51:36Z20111657-5334http://hdl.handle.net/1992/82521657-719110.57784/1992/8252instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/Government intervention in the construction sector as a way to boost the economy has been a constant in Colombia for the past 90 years. This paper explicitly tests the impact of the most recent of such interventions: a subsidy to the mortgage interest rate. Our results show that the subsidy boosted mortgage loans by around 38 percent. However, we also find that real interest rates went up by 1.09 percent, i.e., there has been an incomplete pass-through of the subsidy to the consumer. We estimate the pass-through of such intervention to be in the range of 65 percent to 74 percent.Este artículo evalúa el efecto de la más reciente estrategia gubernamental para apoyar el sector de la construcción: un subsidio a la tasa de interés hipotecaria. El artículo muestra que el subsidio incrementó los desembolsos hipotecarios en cerca de 38%. Sin embargo, también aumentó la tasa pactada entre bancos y clientes en 1.09 por ciento, es decir, el traspaso del subsidio a los consumidores fue incompleto. Dicho traspaso, estimado en el artículo, se encuentra en un rango de entre 65 y 74 por ciento.36 páginasapplication/pdfengUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 20 Mayo de 2011https://ideas.repec.org/p/col/000089/008749.htmlEffects of a mortgage interest rate subsidy: evidence from ColombiaEfectos de un subsidio a la tasa de interés hipotecaria: el caso de ColombiaDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPMortgage loansMortgage interest rate subsidHistory of mortgage loans in ColombiaHipotecas - Investigaciones - ColombiaHipotecas - Historia - ColombiaSubsidios para vivienda - Investigaciones - ColombiaN96, R21, R28Facultad de EconomíaPublicationORIGINALdcede2011-20.pdfdcede2011-20.pdfapplication/pdf744999https://repositorio.uniandes.edu.co/bitstreams/54604467-21fc-4356-8be6-b6d8f402e4c6/download39e4e78dd7059b08878d82daeb39edcbMD51TEXTdcede2011-20.pdf.txtdcede2011-20.pdf.txtExtracted texttext/plain81800https://repositorio.uniandes.edu.co/bitstreams/0ecd6dcc-c6fb-48b7-aaf7-19aa9f30d5aa/download2e457427b13be39f6cf7c309b5332efdMD54THUMBNAILdcede2011-20.pdf.jpgdcede2011-20.pdf.jpgIM Thumbnailimage/jpeg3546https://repositorio.uniandes.edu.co/bitstreams/82143b6d-6154-4714-ace4-c7181431e39e/download01ebf4d842aeef6d666595e5790d0506MD551992/8252oai:repositorio.uniandes.edu.co:1992/82522024-06-04 15:14:57.952http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co
dc.title.none.fl_str_mv Effects of a mortgage interest rate subsidy: evidence from Colombia
dc.title.alternative.none.fl_str_mv Efectos de un subsidio a la tasa de interés hipotecaria: el caso de Colombia
title Effects of a mortgage interest rate subsidy: evidence from Colombia
spellingShingle Effects of a mortgage interest rate subsidy: evidence from Colombia
Mortgage loans
Mortgage interest rate subsid
History of mortgage loans in Colombia
Hipotecas - Investigaciones - Colombia
Hipotecas - Historia - Colombia
Subsidios para vivienda - Investigaciones - Colombia
N96, R21, R28
title_short Effects of a mortgage interest rate subsidy: evidence from Colombia
title_full Effects of a mortgage interest rate subsidy: evidence from Colombia
title_fullStr Effects of a mortgage interest rate subsidy: evidence from Colombia
title_full_unstemmed Effects of a mortgage interest rate subsidy: evidence from Colombia
title_sort Effects of a mortgage interest rate subsidy: evidence from Colombia
dc.creator.fl_str_mv Hofstetter Gascón, Marc
Tovar Mora, Jorge Andrés
Urrutia Montoya, Miguel
dc.contributor.author.none.fl_str_mv Hofstetter Gascón, Marc
Tovar Mora, Jorge Andrés
Urrutia Montoya, Miguel
dc.subject.keyword.none.fl_str_mv Mortgage loans
Mortgage interest rate subsid
History of mortgage loans in Colombia
topic Mortgage loans
Mortgage interest rate subsid
History of mortgage loans in Colombia
Hipotecas - Investigaciones - Colombia
Hipotecas - Historia - Colombia
Subsidios para vivienda - Investigaciones - Colombia
N96, R21, R28
dc.subject.armarc.none.fl_str_mv Hipotecas - Investigaciones - Colombia
Hipotecas - Historia - Colombia
Subsidios para vivienda - Investigaciones - Colombia
dc.subject.jel.none.fl_str_mv N96, R21, R28
description Government intervention in the construction sector as a way to boost the economy has been a constant in Colombia for the past 90 years. This paper explicitly tests the impact of the most recent of such interventions: a subsidy to the mortgage interest rate. Our results show that the subsidy boosted mortgage loans by around 38 percent. However, we also find that real interest rates went up by 1.09 percent, i.e., there has been an incomplete pass-through of the subsidy to the consumer. We estimate the pass-through of such intervention to be in the range of 65 percent to 74 percent.
publishDate 2011
dc.date.issued.none.fl_str_mv 2011
dc.date.accessioned.none.fl_str_mv 2018-09-27T16:51:36Z
dc.date.available.none.fl_str_mv 2018-09-27T16:51:36Z
dc.type.spa.fl_str_mv Documento de trabajo
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dc.identifier.doi.none.fl_str_mv 10.57784/1992/8252
dc.identifier.instname.spa.fl_str_mv instname:Universidad de los Andes
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url http://hdl.handle.net/1992/8252
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.ispartofseries.none.fl_str_mv Documentos CEDE No. 20 Mayo de 2011
dc.relation.repec.spa.fl_str_mv https://ideas.repec.org/p/col/000089/008749.html
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eu_rights_str_mv openAccess
dc.format.extent.none.fl_str_mv 36 páginas
dc.format.mimetype.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
institution Universidad de los Andes
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