Debt and Depression: Causal Links and Social Norm Effects
利用英国家庭面板数据，以当地房价变动作为外生工具变量，发现问题抵押债务对心理健康有显著因果影响，且当地破产和收回房产比率会通过社会规范效应加剧这种影响。
Individuals exhibiting problems repaying their debt obligations also exhibit much worse psychological health. Selection into problem debt on the basis of poor psychological health accounts for much of this difference. The causality between problem debt and psychological health may be two way. Using individual level UK panel data, local house price movements exogenous to individual households are used to establish the causality from problem mortgage debt to psychological health. In addition, the social norm effects of problem debt are investigated using local bankruptcy and repossession rates. Results indicate there are sizeable causal links and social norm effects in the debt–psychological health relationship.