Paolo Emilio Mistrulli, Tommaso Oliviero, Zeno Rotondi, Alberto Zazzaro
{"title":"Job Protection and Mortgage Conditions: Evidence from Italian Administrative Data*","authors":"Paolo Emilio Mistrulli, Tommaso Oliviero, Zeno Rotondi, Alberto Zazzaro","doi":"10.1111/obes.12558","DOIUrl":null,"url":null,"abstract":"<p>This paper combines administrative data from the Italian social security administration and proprietary data from a major Italian commercial bank to analyse the impact of job protection legislation on mortgage conditions. An exogenous change in the degree of job protection against individual dismissals of workers with open-ended contracts is identified by exploiting the labour market reform of 2015, the ‘Jobs Act’, which weakened the employment protection of new hires at medium-sized and large private firms. We find that the lessening of job security led to lower mortgage amounts and a fall in leveraging capacity, as measured by the loan-to-value ratio. The impact of job insecurity is mitigated by the presence of co-mortgagors; it is aggravated for young and low-income mortgagors.</p>","PeriodicalId":1,"journal":{"name":"Accounts of Chemical Research","volume":"85 6","pages":"1211-1237"},"PeriodicalIF":16.4000,"publicationDate":"2023-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12558","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounts of Chemical Research","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/obes.12558","RegionNum":1,"RegionCategory":"化学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"CHEMISTRY, MULTIDISCIPLINARY","Score":null,"Total":0}
引用次数: 1
Abstract
This paper combines administrative data from the Italian social security administration and proprietary data from a major Italian commercial bank to analyse the impact of job protection legislation on mortgage conditions. An exogenous change in the degree of job protection against individual dismissals of workers with open-ended contracts is identified by exploiting the labour market reform of 2015, the ‘Jobs Act’, which weakened the employment protection of new hires at medium-sized and large private firms. We find that the lessening of job security led to lower mortgage amounts and a fall in leveraging capacity, as measured by the loan-to-value ratio. The impact of job insecurity is mitigated by the presence of co-mortgagors; it is aggravated for young and low-income mortgagors.
期刊介绍：
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
