Debt and Depression: Causal Links and Social Norm Effects

• 成果类型: Article
• 署名作者: Gathergood, John
• 署名单位: University of Nottingham
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2012.02519.x
• 发表日期: 2012
• 页码: 1094-1114
• 关键词: mental-health; money

摘要

Individuals exhibiting problems repaying their debt obligations also exhibit much worse psychological health. Selection into problem debt on the basis of poor psychological health accounts for much of this difference. The causality between problem debt and psychological health may be two way. Using individual level UK panel data, local house price movements exogenous to individual households are used to establish the causality from problem mortgage debt to psychological health. In addition, the social norm effects of problem debt are investigated using local bankruptcy and repossession rates. Results indicate there are sizeable causal links and social norm effects in the debtpsychological health relationship.