Three essays on housing finance and access in France: intergenerational transmission, local credit markets and monetary policy.

Summary In this paper, I study access to housing and its financing in France. In the first chapter, I study how often the children of homeowners are themselves homeowners, and how this intergenerational relationship has changed between 1970 and 2015. I find that the intergenerational linkage of housing status has increased significantly, particularly since 1990. This is particularly important among those aged 20-39, at the top of the wealth distribution, and in areas with high urban concentrations. In my second chapter, I study the disparities in real estate interest rates across geographic areas, and how monetary policy is transmitted to household credit conditions. I find that banks set significantly higher interest rates in areas with less market competition. Moreover, in times of advantageous monetary policy, banks reduce interest rates less in less competitive areas. In my final chapter, I assess the impact of monetary policy changes on housing loan defaults over the 2004-2015 period. I find that a one percentage point increase in interest rates increases the probability of household default by 45 percent. In addition, stable employment appears to be a major insurance against rising policy rates.