High Temperature, Climate Change and Mortgage Performance

时间：2023年3月15日(周三)11:30-13:00

地点：承泽园245教室

主讲人：Congyan Han (UW-M phd student)

参与老师：（国发院）李力行，席天扬，徐化愚，于航，王轩，易君健
       （经院）刘冲，吴群锋，曹光宇

论文摘要：We investigate the relationship between extreme temperature and residential mortgage default and prepayment outcomes using fine-scale weather and comprehensive loan performance data. We identify a significant high temperature-mortgage termination relation. Counties that are at high risk of sea-level rise display significantly higher rates of permanent default and prepayment in response to doses of high-temperature. Relocation test shows a higher out-migration rate for the prepaying homeowners who are treated with high-temperature. Altogether the evidence favors adaptive response to high-temperature that magnifies concern over climate change. We also provide evidence of homeowner overreaction and impulsive responses that result in temporary default. Our findings have direct monetary and bank regulatory policy implications.

主讲人介绍：Congyan Han is a Phd student from the Department of Real Estate and Urban Land Economics, at the Wisconsin School of Business, University of Wisconsin - Madison. She holds an M.S. in Applied Economics and Management from Cornell University, and a B.S. in Environmental Science and a B.E. in Economics from Peking University. Her research interests include housing and urban economics, real estate finance and sustainable development.

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