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- Title
Does Household Finance Affect the Political Process? Evidence from Voter Turnout During a Housing Crisis.
- Authors
McCartney, W Ben
- Abstract
I examine the effect of house price declines on voter participation using a novel person-level panel data set. Contrary to what the "angry voter hypothesis" predicts, I find that a 10% decline in local house prices decreases the participation rate of the average mortgaged homeowner by 1.6 percentage points. Consistent with a financial distress channel, house price declines have no effects on renters and particularly severe effects on highly leveraged households. My findings are consistent with the existence of a feedback loop between financial distress and inequality operating through voter participation.
- Subjects
VOTER turnout; HOUSEHOLDS &; economics; FINANCIAL crises; HOME prices; EQUALITY
- Publication
Review of Financial Studies, 2021, Vol 34, Issue 2, p949
- ISSN
0893-9454
- Publication type
Article
- DOI
10.1093/rfs/hhaa064