Bolånefondernas påverkan på marknadskoncentrationen
The impact of mortgage funds on market concentration
This thesis aims to add further research about the mortgage market in Sweden. In particular, it investigates the effect on the concentration level as a result of the establishment of new entities, which are using mortgage funds as a way to finance mortgages instead of covered bonds. In addition, the thesis assesses the disparities between the two methods of financing. Recent data from March 2020 is mainly collected from Statistics Sweden and is henceforth used in an extended model of the Herfindahl-Hirschman Index (HHI) as to calculate the effect on the concentration level of the new entities. Through the HHI, intervals on production level is calculated and thereby used in order to create simulations of the growth rate of the new entities as to assess the ulterior impact on the concentration level. The thesis can conclude that the mortgage market in Sweden is moderately concentrated, which indicates a continued strong market position by the largest banks. Though the new entities with mortgages funds as financing method have had a strong growth rate which could impact the concentration level in the next 15 years.