The Impact of Housing Markets on Consumer Debt: Credit Report Evidence from 1999 to 2012
利用1999至2012年的信用报告数据，研究住房市场波动如何影响消费者债务组合，发现房价上涨与住房资产借贷有稳定关系，且房主会用住房资产债务替代信用卡债务。
We estimate the response of consumer debt portfolios to pronounced housing market swings from 1999 to 2012 using Equifax‐sourced credit report data and a variety of identification approaches. We find: (i) the extraordinary climb in home equity debt from 2002 to 2006 is an expression of a stable, longer‐term relationship between house price growth and home equity borrowing; (ii) all preboom homeowners, and older and prime postboom homeowners, demonstrate near dollar‐for‐dollar substitution between (expensive) credit card and (cheap) home equity debt in response to home equity changes; and (iii) little evidence of substitution between home equity and student loan debt.