NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Cristian Badarinza

Department of Real Estate
National University of Singapore
4 Architecture Drive, Singapore 117566

E-Mail: cristian.badarinza@nus.edu.sg

NBER Working Papers and Publications

March 2016International Comparative Household Finance
with John Y. Campbell, Tarun Ramadorai: w22066
This paper reviews the literature on international comparative household finance. The paper presents summary statistics on household balance sheets for 13 developed countries, and uses these statistics to discuss common features and contrasts across countries. The paper then discusses retirement savings, investments in risky assets, unsecured debt, and mortgages.

Published: RePEc:anr:reveco:v:8:y:2016:p:111-144 unknown citation courtesy of

August 2014What Calls to ARMs? International Evidence on Interest Rates and the Choice of Adjustable-Rate Mortgages
with John Y. Campbell, Tarun Ramadorai: w20408
The relative popularity of adjustable-rate mortgages (ARMs) and fixed-rate mort- gages (FRMs) varies considerably both across countries and over time. We ask how movements in current and expected future interest rates affect the share of ARMs in total mortgage issuance. Using a nine-country panel and instrumental variables methods, we present evidence that near-term (one-year) rational expectations of future movements in ARM rates do affect mortgage choice, particularly in more recent data since 2001. However longer-term (three-year) rational forecasts of ARM rates have a relatively weak effect, and the current spread between FRM and ARM rates also matters, suggesting that households are concerned with current interest costs as well as with lifetime cost minimization. These conclusions are...
 
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