借贷需要两个人:平等信贷机会法案对已婚夫妇住房、信贷和劳动力市场决策的影响

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2022-07-26 DOI:10.1093/rfs/hhac042

A. K. Bartscher

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引用次数: 1

摘要

直到20世纪70年代，美国抵押贷款机构在夫妻共同抵押贷款申请中通常会将妻子收入的一半贴现。随着20世纪70年代反歧视立法的出台，这种情况发生了变化，为研究放宽与收入相关的借贷限制提供了一个自然的实验。我通过估计差异回归和求解一个简单的校准生命周期模型来研究改革的效果。我发现改革对有工作妻子的已婚夫妇的抵押贷款和住房拥有率产生了实质性的积极影响。此外，我发现已婚妇女的劳动力参与有积极影响，这大大放大了住房拥有和借贷效应。

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It Takes Two to Borrow: The Effects of the Equal Credit Opportunity Act on Housing, Credit, and Labor Market Decisions of Married Couples

Until the 1970s, U.S. mortgage lenders commonly discounted half of the wife’s income in couples’ joint mortgage applications. This changed with the introduction of antidiscrimination legislation in the 1970s, providing a natural experiment to study the relaxation of income-related borrowing constraints. I study the effects of the reform by estimating difference-in-differences regressions and solving a simple calibrated life cycle model. I find substantial positive effects of the reform on mortgage borrowing and homeownership rates of married couples with working wives. Moreover, I find a positive effect on married womens labor force participation, which strongly amplifies the homeownership and borrowing effects.

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来源期刊

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.