Refinancing cross-subsidies in the mortgage market
Open accessAbstract
In household finance markets, inactive households can implicitly cross-subsidize active households who promptly respond to financial incentives. We assess the magnitude and distribution of cross-subsidies in the mortgage market. To do so, we build a structural model of household mortgage refinancing and estimate it on rich administrative data covering the stock of outstanding mortgages in the UK. We estimate sizeable cross-subsidies that flow from relatively poorer households and those located in less-wealthy areas towards richer households and those located in wealthier areas. Our work highlights how the design of household finance markets can contribute to wealth inequality.
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The kink point is at a level of around 1.8 p.p.
“The kink point is at a level of around 1.8 p.p.”
From Mortgage Lock‐In, Mobility, and Labor Reallocation (2024) · cites this paper as Fisher et al. (2024)
The cited paper’s Section 4.4 discusses mortgage interest rates and refinancing costs, but does not identify a kink point at around 1.8 percentage points. Searches for “kink point,” “1.8 p.p.,” and equivalent threshold wording found no passage addressing that claim. (LLM, conf=0.73)
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Self-citation
- Authors
- Fisher, J., Gavazza, A., Liu, L., Ramadorai, T., & Tripathy, J.
- Affiliations
- Harvard University (US)
- Centre for Economic Policy Research (GB)
- University of Pennsylvania (US)
- Bank of England (GB)
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 2024-08
- Volume
- 158
- Pages
- 103876
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W4399452930
- Cited by
- 34
- References
- 66
- Citations by year
- 2026: 1 · 2025: 9 · 2024: 10 · 2023: 7 · 2022: 5 · 2021: 1 · 2020: 1
- FWCI
- 4.39
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Journal of Financial Economics (publishedVersion, cc-by-nc)
- SSRN Electronic Journal (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- London School of Economics and Political Science Theses Online (London School of Economics and Political Science) (submittedVersion)
- London School of Economics and Political Science Research Online (London School of Economics and Political Science) (submittedVersion)
- Funders
- European Research Council (771004)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Housing Market and Economics
- Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Keywords
- cross-subsidization, mortgage refinancing, household finance, wealth inequality, structural model, mortgage market, household wealth, financial incentives
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