Henrik Yde Andersen
Advisor in the Department of Economics and Monetary Policy at Danmarks Nationalbank.
I do applied micro in household finance and I am affiliated with PeRCent. Viewpoints and conclusions are my own and do not necessarily reflect the views of Danmarks Nationalbank
Describing Interest-Only Mortgage Borrowers’ Savings
and Spending using Danish Register Data
and Spending using Danish Register Data
Interest-only mortgages (IOMs) were popular before the 2007-2008 financial crisis, e.g. in the US and UK, and remain common in a few countries today, including the Netherlands, Sweden and Denmark. We use Danish administrative data, covering all mortgage loans originated between 2010 and 2019, to compare savings and spending of IOM borrowers to that of non-IOM borrowers using their mortgage origination year in an event study design. Conditional on time and individual fixed effects, we show that homeowners aged 50 and above increased spending in connection with taking out an IOM, while homeowners below this age predominantly accelerated non-mortgage debt repayments.
Pension Wealth Returns in Danish Households
We have estimated a new measure of pension wealth gains, covering the working-age population in Denmark during 2015-2022, in collaboration with Statistics Denmark. By linking this new data to the existing income and tax registers at the individual level, we provide a full picture of net financial wealth gains across the age distribution. This lays out the basis for further analysis, e.g., of the impact of monetary policy on net capital gains in Danish households. The data can be accessed through Statistics Denmark’s research data portal.
Working papers
Describing Interest-Only Mortgage Borrowers’ Savings and Spending using Danish Register Data
with Stine Ludvig Bech
Danmarks Nationalbank Working Paper no. 203, May 2024Spending when illiquid savings become liquid: evidence from Danish wage earners
Danmarks Nationalbank Working Paper no. 161, September 2020
International journals (peer-reviewed)
Spending Response to a Predictable Increase in Mortgage Repayments: Evidence from Expiring Interest-Only Loans
with Stine Ludvig Bech and Alessia De Stefani
Mandatory pension contributions and long-run debt accumulation: Evidence from Danish Low-wage Earners
with Niels Lynggård Hansen and Andreas Kuchler
Housing wealth or collateral: How home value shocks drive home equity extraction and spending
with Søren Leth-Petersen
Danish journals (peer-reviewed)
Finans/Invest, nr. 1, 2024Danish Journal of Economics, nr. 1, 2021 Finans/Invest, nr. 4, 2019 [Podcast]
Book chapters
Pension wealth and macroeconomic stability
with Niels Lynggård Hansen and Andreas Kuchler
Policy notes / podcast / op-eds
Rig på viden, Podcast episode 156, May, 2024Effects of Increases in Monetary Policy Rates
with Mia Jørgensen, Andreas Kuchler, Rasmus Bisgaard Larsen, Marcus Læssøe Bjerregaard,
Alexander Meldgaard Otte, Morten Spange, and Christoffer Jessen Weissert
Pension wealth returns in Danish households
with Stine Ludvig Bech, Simone Maria Bonin, and Andreas Kuchler
Danskernes høje pensionsformue og gæld forstærker udsving i forbruget
with Niels Lynggård Hansen and Andreas Kuchler
Refinancing behaviour of homeowners in Denmark when mortgage rates rise
with Erik Grenestam, Marcus Bjerregaard Læssøe, Alexander Meldgaard Otte, and Sigurd A. M. Steffensen
Inequality and Savings
with Alina Bartscher, Thomas Krause, and Andreas Kuchler
Expiring interest-only mortgages have implications for household expenditure
with Stine Ludvig Bech and Alessia De Stefani
Konverteringsbølgen er tiltrængt for privatforbruget
with Alexander Meldgaard Otte
Mortgage refinancing supports private consumption
with Stine Ludvig Bech, Ida Rommedahl Julin, and Alexander Meldgaard Otte
Impacts of 2016 guidelines on mortgaging of homes
with Christian Sinding Bentzen and Simon Juul Hviid
Danmarks Nationalbank
Langelinie Allé 472100 Copenhagen ØDenmark