Claes Bäckman

At the award ceremony for Lecturer of the year, with the Golden Pointer

I am an Advanced Researcher at the Leibniz Institute for Financial Research SAFE. I was previously working at Aarhus University and Lund University. My main research field is interest-only mortgages, mortgage market design, housing markets and consumption-savings decisions. 

In August 2025, I will join Mannheim University as a one-year visiting professor (W3). I will then return to SAFE as a Marie Curie Postdoctoral Fellow for two years. 

CV | Twitter | Substack

Phone: +49 155 104 207 81


Office: House of Finance, 1st floor, room 1.10. 

Public goods

Resources for PhD students

Financial literacy for immigrants in Sweden

Public debate


Interest-Only Mortgages and Consumption Growth: Evidence from a Mortgage Market Reform [Ungated]
International Economic Review (2023). With Natalia Khorunzhina

Participation and Losses in Multi-Level Marketing: Evidence from an FTC Settlement [SSRN link]
Financial Planning Review (2022),  volume 5, Issue 1, March 2022  
with Tobin Hanspal 

The Impact of Interest-Only Loans on Affordability [SSRN Link]
Regional Science and Urban Economics (2020), volume 80, January 2020
with Chandler Lutz

Work in progress

Mortgage Design, Repayment Schedules, and Household Borrowing  (Presentation)
Resubmitted (reject & resubmit) to the Review of Financial Studies. With Peter van Santen and Patrick Moran

Mortgage Innovations and House Price Booms  
Resubmitted to the Journal of Urban Economics. With Chandler Lutz

Personal Recommendations and Portfolio Quality
with Olga Balakina, Tobin Hanspal, Andreas Hackethal and Dominique Lammer

Beyond Connectivity: Stock Market Participation in a Network (under review)  
with Olga Balakina and Anastasiia Parakhoniak 

Mortgage market design and wealth inequality: Evidence from interest-only mortgages in Denmark
with Danial Ali Akbari, Natalia Khorunzhina and Timo Trimborn 

Housing returns across the wealth distribution
with Natalia Khorunzhina and Walter D'Lima

The effect of algorithmic trading on pricing fat finger errors
with Olga Balakina, Arze Karam and Anastasiia Parakhoniak