Mortgages and Financial Expectations: A Household Level Analysis
Sarah Brown (),
Gaia Garino and
No 05/9, Discussion Papers in Economics from Division of Economics, School of Business, University of Leicester
We contribute to the literature on household mortgage debt by exploring one particular influence on mortgage debt at the household level, namely the financial expectations of the individuals within the household. Our theoretical model predicts a positive association between the quantity of mortgage debt and optimistic financial expectations. Our empirical findings based on household level data provide convincing support for our theoretical priors in that optimistic financial expectations are positively associated with the level of outstanding mortgage debt.
Keywords: Financial Expectations; Housing Tenure; Inter-temporal Consumption; Mortgage Debt (search for similar items in EconPapers)
JEL-codes: D18 D84 D91 (search for similar items in EconPapers)
Date: 2005-04, Revised 2006-12
New Economics Papers: this item is included in nep-ure
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Journal Article: Mortgages and Financial Expectations: A Household‐Level Analysis (2008)
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