Borrowing Constraints and Homeownership
识别了2008年金融危机后美国借贷约束对住房拥有率的影响，发现2010-2013年住房拥有率比借贷约束保持在2001年水平时低2.3个百分点。
This paper identifies the impact of borrowing constraints on homeownership in the U.S. in the aftermath of the 2008 financial crisis. While homeownership declines and tightened credit are evident, the role the tightening of credit has had on the probability of individual households to become homeowners has not been previously identified. The homeownership rate in 2010-2013 is estimated to be 2.3 percentage points lower than if the constraints were set at the 2001 level.