현재 편향과 고정금리-변동금리 주택담보대출 선택

• 영문명: Present Bias and the Choice Between Fixed Rate Mortgage (FRM) and Adjustable Rate Mortgage (ARM)
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 이병윤(Byung Yoon Lee)
• 간행물 정보: 『아태비즈니스연구』제15권 제4호, 331~341쪽, 전체 11쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2024.12.31

국문 초록

Purpose - This study aims to develop a theoretical model exploring how present bias influences the choice between fixed-rate mortgage (FRM) and adjustable-rate mortgage (ARM). Design/methodology/approach - The model considers a two-period, discrete choice between FRM and ARM, factoring in present bias, limited attention, and expectations for future policies that could convert FRM to ARM. Findings - Present bias tends to drive borrowers toward ARM, which often offers a lower initial interest rate. Limited attention and expectations for future policy changes further encourage this present-focused decision. Together, these biases can lead to overconcentration in one type of mortgage, resulting in ex-post losses for borrowers. Research implications/originality - The findings suggest that government policies may distort risk preferences and interfere with borrowers’ decision-making. To mitigate borrower failure, the government should focus on improving financial literacy and managing expectations regarding future policy changes.

목차

Ⅰ. 서론

Ⅱ. 선행연구 검토

Ⅲ. 모형

Ⅳ. 논의

Ⅴ. 결론

References

키워드

Adjustable Rate Mortgage Fixed Rate Mortgage Present Bias