The Impacts of Borrowing Constraints on Homeownership
利用微观数据量化抵押贷款承销标准对个人住房拥有率的影响，发现财富和收入约束均降低住房拥有率，且财富约束影响更大，1980年代初的抵押市场创新缓解了部分影响。
This paper utilizes microdata to directly quantify the impact of mortgage underwriting criteria on individual homeownership propensities. To determine whether a family is constrained by these criteria, the optimal home purchase price is estimated. The results indicate that wealth and income constraints both reduce homeownership propensities, with a stronger impact for wealth constraints. Mortgage market innovations of the early 1980s seem to have reduced these effects. The research indicates, however, that even in well‐developed capital markets, the presence of borrowing constraints adversely affects homeownership propensities.