Financial Trouble Across Generations: Evidence from the Universe of Personal Loans in Denmark
利用丹麦全国人口的个人贷款违约数据，发现父母有违约记录的子女违约概率是父母无违约记录者的四倍以上，且该代际关联在子女成年后迅速显现，不受收入、学业、贷款余额和时间影响，表明继承的财务行为是财务困境差异的重要解释因素。
Abstract This article uses administrative data with longitudinal information about defaults for the entire Danish population to analyse the driving forces behind financial problems. Non-parametric evidence shows that the default propensity is more than four times higher for individuals with parents in default compared with that for individuals with parents not in default. This intergenerational relationship is apparent soon after children move into adulthood and become legally able to borrow, and is remarkably stable across parental income levels, childhood school performances, levels of loan balances and time periods. The evidence indicates that inherited financial behaviour is important for explaining differences in financial trouble.