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- Title
The Babies of Mortgage Market Deregulation.
- Authors
Hacamo, Isaac
- Abstract
This paper documents that mortgage market deregulation helps mitigate the risk of population aging by affecting a foundational family-level decision: the choice to have children. Using a U.S. federal regulator ruling, I show that young households fully exposed to mortgage market deregulation increase their probability of purchasing a home and having a child by 6 percentage points. Supplemental tests reject alternative hypotheses based on income or housing wealth growth and, instead, suggest that access to space is the relevant economic mechanism. Collectively, the evidence indicates that increased access to mortgage credit affects the total number of children in the economy.
- Subjects
MORTGAGE loans; DEREGULATION; HOUSEHOLDS &; economics; CHILDREN; DECISION making; HOUSE buying
- Publication
Review of Financial Studies, 2021, Vol 34, Issue 2, p907
- ISSN
0893-9454
- Publication type
Article
- DOI
10.1093/rfs/hhaa073