Journal of Risk and Financial Management

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Special Issue Information

Dear Colleagues,

The recent pandemic has raised enormous challenges for policymakers, investors, and academics in terms of understanding the mechanisms through which the epidemic has affected and will affect the various markets. In spite of the research carried out in finance and economics on this topic, there is still a limited body of work concerning the housing market. This may be due to the longer time the housing market takes to adjusts itself.

Potential research topics include the impact of uncertainty, increased teleworking, reduced needs for mobility, housing demand for certain categories of people (like students and office workers), and reduced income.

Dr. Petre Caraiani
Guest Editor

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Keywords

Housing market
Uncertainty
COVID-19
Recession

Published Papers (1 paper)

Research

24 pages, 500 KiB

Open AccessArticle

COVID-19 and the Mortgage Market in Luxembourg

by François Koulischer, Pauline Perray and Thi Thu Huyen Tran

J. Risk Financial Manag. 2022, 15(3), 114; https://doi.org/10.3390/jrfm15030114 - 02 Mar 2022

Cited by 2 | Viewed by 2636

Abstract

With a ratio of household debt to gross disposable income above 150%, households in Luxembourg are among the most indebted in Europe. A high level of debt exacerbates the sensitivity of household net worth to changes in house prices, which can increase the severity of economic downturns. In this note, we evaluate the implications of the COVID-19 crisis for the mortgage market in Luxembourg using data on the labour market and government interventions, as well as surveys of consumer finances (HFCS). Our conclusions are twofold. At the aggregate level, the Luxembourg mortgage market is relatively well placed to weather the shock, because a large share of residents work in sectors that are less affected by the crisis such as the financial or government sectors. However, our analysis of micro-level survey data suggests that some segments of the population may be financially vulnerable to the COVID-19 shock. Full article

(This article belongs to the Special Issue The Impact of the COVID-19 Pandemic on the Housing Markets)

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