@TechReport{iza:izadps:dp1396,
            	author={Diaz-Serrano, Luis},
            	title={Income Volatility and Residential Mortgage Delinquency: Evidence from 12 EU Countries},
            	year={2004},
	month={Nov},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={1396},
            	url={https://www.iza.org/index.php/publications/dp1396},
	abstract={We investigate the socio-economic determinants of mortgage delinquency in 12 EU countries
and observe that income volatility significantly increases the mortgage delinquency risk. This
pattern even holds for borrowers with higher-income profiles if volatility in income is high
enough. From this result we can draw the following conclusions: i) mortgage protection
insurance policies might be failing to cover those borrowers most in need; ii) the existence of
credit market imperfections, and; iii) the inability for a number of borrowers most at income
risk to accumulate precautionary savings in order to meet mortgage payments when shocks
in income arise.},
	keywords={homeownership;credit market imperfections;mortgage insurance;income volatility;precautionary savings;payment-to-income ratio;mortgage delinquency},
            }