Does Collateral Value Affect Asset Prices? Evidence from a Natural Experiment in Texas
利用德克萨斯州1998年合法化房屋净值贷款的自然实验，研究发现该政策使房价上涨4%，表明家庭受信贷约束且重视房屋净值贷款以平滑消费。
Abstract Does the ability to pledge an asset as collateral, after purchase, affect its price? This paper identifies the impact of collateral service flows on house prices, exploiting a plausibly exogenous constitutional amendment in Texas that legalized home equity loans in 1998. The law change increased Texas house prices 4 $\%$; this is price-based evidence that households are credit-constrained and value home equity loans to facilitate consumption smoothing. Prices rose more in locations with inelastic supply, higher prelaw house prices, higher income, and lower unemployment. These estimates reveal that richer households value the option to pledge their home as collateral more strongly.