Housing Lock: Dutch Evidence on the Impact of Negative Home Equity on Household Mobility
利用荷兰行政数据，研究发现负资产家庭流动性下降74-79%，尤其对低金融资产或长距离迁移的家庭影响更大，为住房锁定假说提供了因果证据。
This paper employs Dutch administrative population data to test the “housing lock hypothesis”: the conjecture that homeowners with negative home equity, low levels of financial assets, and restricted opportunities to borrow reduce their mobility. Variation in home equity driven by the timing of home purchase within a municipality and the harshness of Dutch recourse laws facilitates identification of housing lock effects. The 2SLS estimate for the effect of negative home equity is a 74–79 percent decline in mobility, where effects are substantially larger for households with low financial asset holdings or moves over longer distances.