How Borrowing Constraints Hinder Migration: Theoretical Insights from a Random Utility Maximization Model*
构建理论框架分析借贷约束如何阻碍迁移，在22个欧洲国家校准模型后发现忽略约束会高估双边迁移率，并模拟了迁移成本上升的影响。
Abstract We provide a theoretical framework to analyze how financial constraints hinder migration. Introducing wealth heterogeneity and borrowing constraints into a random utility maximization model of migration, we find evidence of multilateral resistance to migration stemming from borrowing constraints. We calibrate the model on 22 European countries, and we show that omitting the constraints biases upward the estimation of bilateral migration rates. We then simulate an increase in the bilateral cost of migration to the United Kingdom. We find that omitting the constraints biases downward the change entailed by the cost increase in the bilateral rates of migration to all destinations.