{"id":9434,"date":"2024-03-13T15:37:35","date_gmt":"2024-03-13T14:37:35","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/blog\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/"},"modified":"2025-06-26T09:32:53","modified_gmt":"2025-06-26T07:32:53","slug":"greenfinhome-sustainable-intermediation-in-credit-and-housing-markets","status":"publish","type":"research-projects","link":"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/","title":{"rendered":"GREENFINHOME – Sustainable intermediation in credit and housing markets"},"content":{"rendered":"\n
<\/div>\n\n\n\n
\n

\nAbout<\/h2>\n\n\n\n

In this project, we study the effect of \u201cgreen\u201d as an attribute of collateral assets on household financial constraints and housing transactions. Households\u2019 financing needs are primarily for durable assets (houses, cars, etc.) that they pledge as collateral in exchange for bank loans. Households have the possibility to choose between green vs. brown durable assets. Our goal is to understand how the green attribute plays a role in the investment decision of the buying household, and in bank lending and risk-taking decisions.<\/p>\n\n\n\n

We build on the literature on dynamic collateralized financing (Rampini, 2019; Lanteri and Rampini, 2021) and draw a parallel between green and durable. Both attributes increase asset prices. Durable assets can serve as collateral for a longer horizon and require less maintenance costs. Green assets also serve as collateral for a longer horizon, allow to save on energy expenses in the short run, and provide insurance against energy price risk in the long run. Households face collateral constraints such that they can only borrow up to a fraction of the house value and need to pay the rest with their own funds upfront. As the price of the green asset increases compared to brown assets, so does the upfront payment, and the financing needs of households investing in green assets increase. Financing needs of households may override risk management concerns, especially for poor households, amplifying inequalities as uninsured households are more susceptible to shocks.<\/p>\n\n\n\n

The project has important policy implications as governments often use subsidies to stimulate investments into green assets. Banking regulation can also foster bank loans backed by green collateral. Through analysing the effect of green collateral on households\u2019 financial constraints, we plan to learn more about the intended and unintended consequences of these policies on inequalities, financial stability, as well as on their environmental impact.<\/p>\n<\/div><\/section>\n\n\n\n\n

\n \n
\n
\n
\n

\n Project team <\/h2>\n
    \n
  • \n
    \n
    \n
    \n
    \n \n <\/figure>\n <\/div>\n
    \n

    Diane Pierret<\/h3>

    <\/p>

    \n \n \n View profile<\/span> <\/span>\n \n \n <\/svg>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/li>\n \n
  • \n
    \n
    \n
    \n

    Artashes Karapetyan<\/h3>

    ESSEC Business School<\/p> <\/div>\n <\/div>\n <\/div>\n <\/li>\n \n

  • \n
    \n
    \n
    \n
    \n \n <\/figure>\n <\/div>\n
    \n

    Roberto Steri<\/h3>

    <\/p>

    \n \n \n View profile<\/span> <\/span>\n \n \n <\/svg>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/li>\n
  • \n
    \n
    \n
    \n
    \n \n <\/figure>\n <\/div>\n
    \n

    Szymon Kopyta<\/h3>

    <\/p>

    \n \n \n View profile<\/span> <\/span>\n \n \n <\/svg>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/li>\n \n
  • \n
    \n
    \n
    \n

    Maximilian Rohrer<\/h3>

    NHH Norwegian School of Economics<\/p> <\/div>\n <\/div>\n <\/div>\n <\/li>\n <\/ul>\n <\/div>\n <\/div>\n <\/div>\n<\/section>\n\n\n

    \n \n
    \n
    \n
    \n

    \n Keywords <\/h2>\n
      \n
    • \n Financial constraints<\/span>\n <\/li>\n
    • \n green collateral<\/span>\n <\/li>\n
    • \n housing markets<\/span>\n <\/li>\n
    • \n sustainable finance<\/span>\n <\/li>\n <\/ul>\n <\/div>\n <\/div>\n <\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

      In this project, we study the effect of \u201cgreen\u201d as an attribute of collateral assets on household financial constraints and housing transactions. <\/p>\n","protected":false},"author":1,"featured_media":9432,"parent":0,"menu_order":0,"template":"","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"GREENFINHOME","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"rpp_rp_identifier":"9433","rpp_taxonomies_in_sync":true},"research-project-status":[271],"research-project-type":[263],"field-of-interest":[285],"organisation":[116,101],"authorship":[],"acf":[],"yoast_head":"\nGREENFINHOME - Sustainable intermediation in credit and housing markets - FDEF I University of Luxembourg<\/title>\n<meta name=\"description\" content=\"In this project, we study the effect of \u201cgreen\u201d as an attribute of collateral assets on household financial constraints and housing transactions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GREENFINHOME - Sustainable intermediation in credit and housing markets\" \/>\n<meta property=\"og:description\" content=\"In this project, we study the effect of \u201cgreen\u201d as an attribute of collateral assets on household financial constraints and housing transactions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF EN\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-26T07:32:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2024\/03\/GREENFINHOMEzLobQW.png\" \/>\n\t<meta property=\"og:image:width\" content=\"825\" \/>\n\t<meta property=\"og:image:height\" content=\"475\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/\",\"name\":\"GREENFINHOME - Sustainable intermediation in credit and housing markets - FDEF I University of Luxembourg\",\"isPartOf\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2024\/03\/GREENFINHOMEzLobQW.png\",\"datePublished\":\"2024-03-13T14:37:35+00:00\",\"dateModified\":\"2025-06-26T07:32:53+00:00\",\"description\":\"In this project, we study the effect of \u201cgreen\u201d as an attribute of collateral assets on household financial constraints and housing transactions.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/#primaryimage\",\"url\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2024\/03\/GREENFINHOMEzLobQW.png\",\"contentUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2024\/03\/GREENFINHOMEzLobQW.png\",\"width\":825,\"height\":475},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.uni.lu\/en\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Faculty of Law, Economics and Finance\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Research projects\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/research-projects\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"GREENFINHOME - Sustainable intermediation in credit and housing markets\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/\",\"name\":\"FDEF\",\"description\":\"Faculty of Law, Economics and Finance I Uni.lu\",\"publisher\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#organization\"},\"alternateName\":\"Faculty of Law, Economics and Finance I University of Luxembourg\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.uni.lu\/fdef-en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#organization\",\"name\":\"FDEF - University of Luxembourg I Uni.lu\",\"alternateName\":\"Faculty of Law, Economics and Finance\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg\",\"contentUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg\",\"width\":2560,\"height\":2560,\"caption\":\"FDEF - University of Luxembourg I Uni.lu\"},\"image\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/uni.FDEF.lu\",\"https:\/\/www.linkedin.com\/showcase\/fdef-uni-lu\/\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"GREENFINHOME - Sustainable intermediation in credit and housing markets - FDEF I University of Luxembourg","description":"In this project, we study the effect of \u201cgreen\u201d as an attribute of collateral assets on household financial constraints and housing transactions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/","og_locale":"en_GB","og_type":"article","og_title":"GREENFINHOME - Sustainable intermediation in credit and housing markets","og_description":"In this project, we study the effect of \u201cgreen\u201d as an attribute of collateral assets on household financial constraints and housing transactions.","og_url":"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/","og_site_name":"FDEF EN","article_publisher":"https:\/\/www.facebook.com\/uni.FDEF.lu","article_modified_time":"2025-06-26T07:32:53+00:00","og_image":[{"width":825,"height":475,"url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2024\/03\/GREENFINHOMEzLobQW.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/","url":"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/","name":"GREENFINHOME - Sustainable intermediation in credit and housing markets - FDEF I University of Luxembourg","isPartOf":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/#primaryimage"},"image":{"@id":"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/#primaryimage"},"thumbnailUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2024\/03\/GREENFINHOMEzLobQW.png","datePublished":"2024-03-13T14:37:35+00:00","dateModified":"2025-06-26T07:32:53+00:00","description":"In this project, we study the effect of \u201cgreen\u201d as an attribute of collateral assets on household financial constraints and housing transactions.","breadcrumb":{"@id":"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/#primaryimage","url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2024\/03\/GREENFINHOMEzLobQW.png","contentUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2024\/03\/GREENFINHOMEzLobQW.png","width":825,"height":475},{"@type":"BreadcrumbList","@id":"https:\/\/www.uni.lu\/fdef-en\/research-projects\/greenfinhome-sustainable-intermediation-in-credit-and-housing-markets\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.uni.lu\/en"},{"@type":"ListItem","position":2,"name":"Faculty of Law, Economics and Finance","item":"https:\/\/www.uni.lu\/fdef-en\/"},{"@type":"ListItem","position":3,"name":"Research projects","item":"https:\/\/www.uni.lu\/fdef-en\/research-projects\/"},{"@type":"ListItem","position":4,"name":"GREENFINHOME - Sustainable intermediation in credit and housing markets"}]},{"@type":"WebSite","@id":"https:\/\/www.uni.lu\/fdef-en\/#website","url":"https:\/\/www.uni.lu\/fdef-en\/","name":"FDEF","description":"Faculty of Law, Economics and Finance I Uni.lu","publisher":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#organization"},"alternateName":"Faculty of Law, Economics and Finance I University of Luxembourg","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.uni.lu\/fdef-en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.uni.lu\/fdef-en\/#organization","name":"FDEF - University of Luxembourg I Uni.lu","alternateName":"Faculty of Law, Economics and Finance","url":"https:\/\/www.uni.lu\/fdef-en\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/","url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg","contentUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg","width":2560,"height":2560,"caption":"FDEF - University of Luxembourg I Uni.lu"},"image":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/uni.FDEF.lu","https:\/\/www.linkedin.com\/showcase\/fdef-uni-lu\/"]}]}},"_links":{"self":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/research-projects\/9434"}],"collection":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/research-projects"}],"about":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/types\/research-projects"}],"author":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/users\/1"}],"version-history":[{"count":4,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/research-projects\/9434\/revisions"}],"predecessor-version":[{"id":20507,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/research-projects\/9434\/revisions\/20507"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/media\/9432"}],"wp:attachment":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/media?parent=9434"}],"wp:term":[{"taxonomy":"research-project-status","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/research-project-status?post=9434"},{"taxonomy":"research-project-type","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/research-project-type?post=9434"},{"taxonomy":"field-of-interest","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/field-of-interest?post=9434"},{"taxonomy":"organisation","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/organisation?post=9434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}