Homeowner Borrowing and Housing Collateral: New Evidence from Expiring Price Controls
利用马里兰州蒙哥马利县房主住房转售价格管制完全到期的自然实验，估计出住房抵押品价值每增加1美元，房主借贷增加0.04至0.13美元，且部分资金用于新增支出，表明抵押品约束对家庭支出有重要影响。
ABSTRACT I empirically analyze how changes in access to housing collateral affect homeowner borrowing behavior. To isolate the role of collateral constraints from that of wealth effects, I exploit the fully anticipated expiration of resale price controls on owner‐occupied housing in Montgomery County, Maryland. I estimate a marginal propensity to borrow out of housing collateral that ranges between $0.04 and $0.13 and is correlated with homeowners' initial leverage. Additional analysis of residential investment and ex‐post loan performance indicates that some of the extracted funds generated new expenditures. These results suggest a potentially important role for collateral constraints in driving household expenditures.