Profiles

Maria Yanotti

UTAS Home Dr Maria Belen Yanotti
Maria Belen Yanotti

Maria Belen Yanotti

Lecturer of Economics
Tasmanian School of Business & Economics

Room 243, Building A, Newnham Campus

+61 3 6324 3659 (phone)

+61 3 6324 3369 (fax)

Maria.Yanotti@utas.edu.au

The household behaviours that drive major economic shocks

How ordinary consumers make extraordinary impacts.

We’d all like to know more about what makes the housing market tick. From the first home buyers chasing predictions about the Sydney housing bubble, to the economists forecasting the next big global financial crisis – everyone wants to know what the market will do next.

But as we learnt when the Global Financial Crisis (GFC) hit in 2007, it’s not just the overall market you need to be watching – the behaviours of individual homeowners could be the key to predicting the next big economic shock.

Dr Maria Yanotti from the Tasmanian School of Business and Economics is investigating how ordinary households make financial decisions, and what this can tell us about de-risking Australia in the event of another global financial crisis.

“When I started working in finance it was very close to the GFC in the US, which also spread to Europe,” Dr Yanotti recalls. “I was studying what state Australia was in at the time.”

Lenders in the shadows

In the United States, dodgy lending practices, or 'liar loans', resulted in many households being unable to repay their mortgages, and this contributed greatly to the GFC.

But in Australia, the situation was different.

“Overall, Australia had a pretty good risk distribution around borrowers and the bank,” Dr Yanotti explains. “Although the banking sector is very concentrated, it’s highly regulated.”

But we still need to be proactive to avoid an increase in poor lending practices, she adds.

Although Australia has tighter lending regulations than the US, risk-taking borrowers and unregulated lenders do exist. And we still don’t have enough information on how these predatory lenders are affecting the wider economy.

“There’s a margin of borrowers who are not taking loans that are the best and the safest – they’re taking the more risky options,” says Dr Yanotti.

“It’s hard to get figures and data on them. There’s just not very much research. We need proper statistics about these lenders.”

A unique dataset

When Dr Yanotti first came to the University of Tasmania as a researcher, she was given access to a rare database of de-identified mortgage information, which she used to create an intriguing profile of the typical investor in the Australian property market.

“The database was pretty unique,” Dr Yanotti recalls. “One of the major four banks provided a lot of the detailed data that they collect when borrowers apply for a mortgage.”

Banks and mortgage institutions very rarely share this kind of information, which means researchers often have to rely on more generalised, aggregated datasets from institutions such as the Reserve Bank of Australia.

Through this unique database, Dr Yanotti gained access to invaluable insights into the Australian mortgage market.

“This dataset had 2 million clients with all their statistics, assets, liabilities, children, and so on,” she recalls. “It was a lot of information – there are very few datasets like this in the world.”

The Australian investor

According to the investor profile that Dr Yanotti created from this database, Australian property investors tend to be on the wealthier side, though not super-rich. They tend to be male with a partner, and they want something secure for their retirement or for their children.

“They’re like your common neighbour – they might not be a particularly financially savvy person, but they’re trying to take advantage of the market,” Dr Yanotti explains.

“In housing, they can find an opportunity, because it’s what they know, rather than shares, which are more difficult to understand.”

Another surprising detail that Dr Yanotti discovered is that Australian investors are more likely to invest in regional areas of the country right now, rather than in the big cities.

Her next steps are to figure out why Australian investors are investing where they are, and what the implications could be for regional areas in the future.

A big part of this will be to analyse the ‘cultural value’ and place-making of these regions – in other words, what makes a place valuable to both investors and residents?

“Beyond the bricks and mortar of the house, I’m trying to understand the wellbeing that comes from community,” says Dr Yanotti.

Research that makes a difference

Dr Maria Yanotti is a Lecturer in Economics and Finance at Tasmanian School of Business and Economics (TSBE) UTAS. Maria is an applied economist specialising in housing finance, banking, and household economics and finance. She has published in leading domestic and international journals.  She is sought out for her knowledge on mortgage and housing markets.

Biography

Prior to the appointment as a Lecturer with The Tasmanian School of Business and Economics, Maria was a PhD candidate, casual lecturer and tutor at UTAS (her supervisors were Prof Mardi Dungey, Assoc Prof Graeme Wells and Assoc Prof Doko Tchatoka). She has also studied and taught at the University of Iowa, United States, and acquired her Laurea Cum Laude (licenciatura) in Economics in Universidad Nacional de Tucuman, Argentina. She moved to Tasmania, Australia in 2009.

Career summary

Qualifications

DegreeTitle of ThesisUniversityCountryAwarded
PhDIdiosyncratic Risk Assessment in the Mortgage MarketUniversity of TasmaniaAustraliaAugust 2015
Licenciatura en EconomiaHuman Capital Investment and Consumption Expenditure in Children, Bequests and some Other Issues.Universidad Nacional de TucumanArgentinaDecember 2008

Languages (other than English)

Spanish

Memberships

Professional practice

Economic Society of Australia – Tasmanian Branch

Committee associations

Member of the board of directors at MRC North, Tasmania

Teaching

Principles of Economics, Microeconomics, Statistics and Quantitative Methods, Economics for Managers, Finance for Managers and Data Analysis for Managers.

Teaching expertise

Maria has teaching expertise in the areas of microeconomics, statistics and quantitative methods, economics for managers, finance for managers and data analysis for managers, principles of economics, quantitative economic analysis, mathematical analysis, mathematics of finance, mathematics. She teaches both graduate and undergraduate courses. She has experience with teaching international and multicultural students.

Teaching responsibility

View more on Dr Maria Yanotti in WARP

Expertise

  • Housing finance
  • Household finance
  • Real Estate Investment
  • Household housing decisions
  • Banking and mortgage markets
  • Culture valuation and economic impact analysis

Research Themes

Maria's research aligns to the University's research theme of Data, Knowledge and Decisions and Creativity, Culture and Society.

Her current research projects examine owner-occupiers and investors behaviour in the housing and mortgage markets, as well as the analysis of the mortgage brokerage market in Australia. Maria performs quantitative analysis on large datasets to understand decisions and behavioural patterns of individuals, households, borrowers and lenders. She is also contributing in a project on non-for-profit housing and a project on Tasmanian convicts' bank accounts for the 1830s. Maria is also currently working on culture valuation and has contributed in an economic analysis for an Arts Festival in Tasmania, the value of performing arts and the value of food in farmers’ markets.

Collaboration

Maria is currently involved in 3 research projects on residential investors in Australia, studying home bias in investment and investing decisions. She is also collaborating with some housing research on non-for-profits and gentrification. She is also working on 2 projects focusing on the valuation of performing arts and food in a community.

Awards

  • ASF Research Award, 4th place, Australian Securitisation Forum, Sydney, Australia, 2014.
  • International Student Scholarship, University of Tasmania, 2012.
  • Third best grade in Economics Award, National University of Tucuman, Argentina, 2007.
  • Grant to start as a researcher. Topic: `Current Account Sustainability of Argentina (1865-2006)'. Science and Technique Secretary, National University of Tucuman, Argentina, 2007.

Current projects

Maria's current research projects examine owner-occupiers and investors behaviour in the mortgage market.  She is also interested in analysing the role of mortgage brokers in Australia.  She is interested in housing finance access (trends and patterns) for particular groups of borrowers such as young, older, rural, first time home buyers and financially constrained. In addition, she is contributing in projects on the valuation of culture in arts and food.

Fields of Research

  • Financial Institutions (incl. Banking) (150203)
  • Financial Econometrics (150202)
  • Social Policy (160512)
  • Public Policy (160510)
  • Arts and Cultural Policy (160502)
  • Tourism Economics (140216)
  • Macroeconomics (incl. Monetary and Fiscal Theory) (140212)
  • Economic Development and Growth (140202)
  • Urban and Regional Economics (140218)
  • Mathematics and Numeracy Curriculum and Pedagogy (130208)
  • Welfare Economics (140219)
  • Public Economics- Publically Provided Goods (140214)
  • Curriculum and Pedagogy Theory and Development (130202)
  • Taxation Law (180125)
  • Computer Communications Networks (100503)
  • Housing Markets, Development, Management (120503)
  • Research, Science and Technology Policy (160511)
  • Industry Economics and Industrial Organisation (140209)
  • Financial Economics (140207)
  • Labour Economics (140211)
  • Econometric and Statistical Methods (140302)
  • Architectural Science and Technology (incl. Acoustics, Lighting, Structure and Ecologically Sustainable Design) (120104)
  • Secondary Education (130106)
  • Higher Education (130103)

Research Objectives

  • Preference, Behaviour and Welfare (910209)
  • Microeconomics (910299)
  • Public Services Policy Advice and Analysis (940204)
  • Savings and Investments (910109)
  • Human Capital Issues (910202)
  • Expanding Knowledge in Economics (970114)
  • Monetary Policy (910108)
  • Macroeconomics (910199)
  • Consumption (910201)
  • Pedagogy (930201)
  • Education and Training Systems (930599)
  • Industry Costs and Structure (910204)
  • Health Status (e.g. Indicators of Well-Being) (920408)
  • Renewable Energy (850599)
  • Energy Transformation (850499)
  • Productivity (excl. Public Sector) (910404)
  • Micro Labour Market Issues (910208)
  • Industry Policy (910205)
  • Learner Development (930103)
  • Learner and Learning Processes (930102)
  • Teaching and Instruction Technologies (930203)

Publications

Maria has published in leading domestic and international journals such as The Economic Record, The Real Estate Issue and JASSA. She referees as well for a few journals.

Total publications

9

Highlighted publications

(4 outputs)
YearTypeCitationAltmetrics
2018Journal ArticleDungey M, Tchatoka FD, Yanotti M, 'Using multiple correspondence analysis for finance: A tool for assessing financial inclusion', International Review of Financial Analysis, 59 pp. 212-222. ISSN 1057-5219 (2018) [Refereed Article]

DOI: 10.1016/j.irfa.2018.08.007 [eCite] [Details]

Citations: Scopus - 1Web of Science - 1

Co-authors: Dungey M

Tweet

2018Journal ArticleDungey M, Tchatoka FD, Yanotti MB, 'Endogeneity in household mortgage choice', Economic Modelling, 73 pp. 30-44. ISSN 0264-9993 (2018) [Refereed Article]

DOI: 10.1016/j.econmod.2018.03.001 [eCite] [Details]

Citations: Scopus - 2Web of Science - 1

Co-authors: Dungey M

Tweet

2016Chapter in BookYates J, Yanotti M, 'Australia's 25 Years with a Deregulated Housing Finance System: Looking Back and Looking Forward', Milestones in European Housing Finance, Wiley Blackwell, J Lunde and C Whithead (ed), United Kingdom, pp. 37-54. ISBN 978-1-118-92945-2 (2016) [Research Book Chapter]

[eCite] [Details]

2015Journal ArticleDungey M, Doko Tchatoka FD, Wells GM, Yanotti MB, 'Mortgage Choice Determinants: The Role of Risk and Bank Regulation', Economic Record, 91, (295) pp. 417-437. ISSN 0013-0249 (2015) [Refereed Article]

DOI: 10.1111/1475-4932.12205 [eCite] [Details]

Citations: Scopus - 3Web of Science - 3

Co-authors: Dungey M; Wells GM

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Journal Article

(4 outputs)
YearCitationAltmetrics
2018Dungey M, Tchatoka FD, Yanotti M, 'Using multiple correspondence analysis for finance: A tool for assessing financial inclusion', International Review of Financial Analysis, 59 pp. 212-222. ISSN 1057-5219 (2018) [Refereed Article]

DOI: 10.1016/j.irfa.2018.08.007 [eCite] [Details]

Citations: Scopus - 1Web of Science - 1

Co-authors: Dungey M

Tweet

2018Dungey M, Tchatoka FD, Yanotti MB, 'Endogeneity in household mortgage choice', Economic Modelling, 73 pp. 30-44. ISSN 0264-9993 (2018) [Refereed Article]

DOI: 10.1016/j.econmod.2018.03.001 [eCite] [Details]

Citations: Scopus - 2Web of Science - 1

Co-authors: Dungey M

Tweet

2015Dungey M, Doko Tchatoka FD, Wells GM, Yanotti MB, 'Mortgage Choice Determinants: The Role of Risk and Bank Regulation', Economic Record, 91, (295) pp. 417-437. ISSN 0013-0249 (2015) [Refereed Article]

DOI: 10.1111/1475-4932.12205 [eCite] [Details]

Citations: Scopus - 3Web of Science - 3

Co-authors: Dungey M; Wells GM

Tweet

2014Yanotti M, Dungey M, 'Mortgage product choice in Australia: The impact of market stress', JASSA, (4) pp. 44-52. ISSN 0313-5934 (2014) [Refereed Article]

[eCite] [Details]

Co-authors: Dungey M

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Chapter in Book

(1 outputs)
YearCitationAltmetrics
2016Yates J, Yanotti M, 'Australia's 25 Years with a Deregulated Housing Finance System: Looking Back and Looking Forward', Milestones in European Housing Finance, Wiley Blackwell, J Lunde and C Whithead (ed), United Kingdom, pp. 37-54. ISBN 978-1-118-92945-2 (2016) [Research Book Chapter]

[eCite] [Details]

Tweet

Thesis

(1 outputs)
YearCitationAltmetrics
2015Yanotti MB, 'Idiosyncratic risk assessment in the mortgage market' (2015) [PhD]

[eCite] [Details]

Other Public Output

(3 outputs)
YearCitationAltmetrics
2018Lehman K, Yanotti MB, Angelopoulos S, de Silva A, 'Creative Island: Sector Analysis 2017: Analysis of Extant Tramanian Creative Industries Data', Tasmanian Creative Industries, Hobart (2018) [Government or Industry Research]

[eCite] [Details]

Co-authors: Lehman K

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2018Yanotti M, 'How liar loans' undermine sound lending practices', The Conversation, The Conversation Media Group Ltd, Australia, 17 November 2018 (2018) [Magazine Article]

[eCite] [Details]

Tweet

2013Yanotti MB, Lehman KF, 'Junction Arts Festival economic report', Junction Arts Festival economic report, Junction Arts Festival, Launceston, 1, 1, pp. 1-31. (2013) [Government or Industry Research]

[eCite] [Details]

Co-authors: Lehman KF

Grants & Funding

Maria has been awarded grants on a housing tax reform project and also has received a PVC grant to study food and community in Harvest market Launceston.

Funding Summary

Number of grants

5

Total funding

$495,343

Projects

Does income volatility heighten the risk of housing insecurity? (2019)$136,049
Description
To date, housing researchers have used annual or point-in-time data to investigate various socio-economic relationships between housing, labour and welfare markets. Day-to-day data in the newly-available DSS DOMINO dataset offers the potential for more real-time risk-insight into these relationships. An analysis of Commonwealth Rental Assistance receipt spells showcases DOMINOs potential.
Funding
Australian Housing and Urban Research Institute ($136,049)
Scheme
Grant-Research Project
Administered By
Royal Melbourne Institute of Technology University
Research Team
de Silva A; Whiteford P; Yanotti MB; Csereklyei Z; Banks M; Mallett S; Bowman D
Year
2019
Exploring the Intersection of Energy Literacy and Financial Literacy (2018)$11,680
Description
Lack of financial literacy and energy literacy have negative impacts on people from vulnerable communities, which limit their ability to make informed decisions about energy use and management of associated financial obligations. Supporting improved financial and energy literacies is particularly relevant and urgent as energy costs are increasing and taking up larger, often unaffordable, portions of household budgets. Currently, the Australian Government is negotiating with energy providers to ensure regular communication with consumers about potential energy savings. Although these negotiations may benefit consumers, it is unlikely that changes in pricing alone will foster more discerning energy usage in consumers who already lack energy literacy. Poor financial and energy literacies will continue to create significant barriers to consumers being able to understand and make use of communication from energy providers. The research will seek to answer:1. What is the intersection of energy and financial literacies in the community?2. In what ways do people draw upon their personal energy and financial literacies when making decisions about the use of energy?3. What are possible learning interventions that could influence, support, and impact decision-making and energy use behaviours? This project will lay the foundations for an ARC Linkage Grant application in collaboration with Aurora Energy. It will draw on research conducted already as part of the Get Bill Smart project, conducted by Dr Phillipa Watson and colleagues, funded by the Department of Industry, Innovation, and Science.
Funding
University of Tasmania ($11,680)
Scheme
Grant - CALE Hothouse Alignment Scheme
Administered By
University of Tasmania
Research Team
Fitzallen NE; Watson Phillipa; Fraser SP; Dungey MH; Yanotti MB
Year
2018
Analysis of Extant Tasmanian Creative Industries Data (2017)$8,000
Description
This research is being undertaken to:Begin the process of analysing and presenting the size, economic contribution and relationships of the Tasmanian cultural and creative industries and economies with other state based sectors through the analysis of extant industry, ATO and ABS data.Provide preliminary comparative analysis where possible with other jurisdictions (be it geographical or sector based).To establish a framework for a geographical and demographic representation of the Tasmanian cultural economies and its participants which can be used as a knowledge base for future planning.
Funding
Tasmanian Creative Industries Ltd ($8,000)
Scheme
Contract Research
Administered By
University of Tasmania
Research Team
Lehman KF; Yanotti MB
Year
2017
Inquiry into pathways to housing tax reform (2016 - 2017)$256,676
Description
This EPJ develops, models and integrates innovative policy pathways for housing tax reform. Reform proposals are mindful of the prevailing barriers to reform as well as the need to develop implementation and transition strategies which are fiscallysustainable and politically viable while reducing distortions in national housing markets.
Funding
Australian Housing and Urban Research Institute ($256,676)
Scheme
Grant-Research Project
Administered By
University of Tasmania
Research Team
Eccleston RG; Atalay K; Duncan A; Flanagan KM; Hodgson H; Jacobs KA; Minas JW; Ong R; Verdouw JJ; Warren N; Whelan S; Yanotti MB; Yates J
Period
2016 - 2017
Pathways to State housing and land tax reform (2016 - 2017)$82,938
Description
This project develops and models viable 'pathways' for State and Territory governments to transition from transaction based conveyance duties to a broad-based recurrent land taxes. Such reforms would enhance economic efficiency, State financial sustainability and housing affordabilty
Funding
Australian Housing and Urban Research Institute ($82,938)
Scheme
Grant-Research Project
Administered By
University of Tasmania
Research Team
Eccleston RG; Warren N; Yanotti MB
Period
2016 - 2017

Research Supervision

Maria is currently the main supervisor for a PhD student at TSBE with the topic: Islamic Banking.

Current

1

Current

DegreeTitleCommenced
PhDEnvironmental Quality, Energy and Security Issues on Economic Growth in ECOWAS Member Countries2019