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ID:
177357
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| Summary/Abstract |
Energy efficiency policies often involve low-interest loans for retrofit measures in private buildings; the main target of these loans are meant to be households with otherwise poor access to capital. However, such programs can only be successful if the targeted households also take up these loans. This paper studies the relation between access to capital and debt aversion and the adoption of retrofit measures in European Union countries, employing a demographically representative household survey including about 6600 homeowners in France, Germany, Italy, Poland, Romania, Spain, Sweden, and the United Kingdom. The findings suggest that debt aversion negatively affects the adoption of retrofit measures by homeowners. In particular, debt-averse homeowners with poor access to capital are less likely to have adopted retrofit measures than non-debt-averse homeowners with poor access to capital. The findings further provide evidence that low-interest loan programs should be targeted at younger homeowners with lower income and less formal education.
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| 2 |
ID:
178308
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| Summary/Abstract |
The Israeli Moshavim were agricultural cooperative associations grouped into regional procurement associations, operated under a mechanism of joint liability lending until the 1985 debt-crisis. Unique historical financial-panel-data offers behavioural insights into the joint liability group lending, through constructing Moshavim’s Debt-To-Output (DTO) ratio distribution. The right-tailed exponential distribution captures the finding that a small portion of the Moshavim were debtors. A semi-parametric model synthesises between the debtors and the creditors. While a joint liability mechanism might boost risk-receptiveness and excessive optimism concerning the peer’s accountability for some, it carries a reversed effect for others. Thus, the failure of the mechanism might be unavoidable.
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