The Babies of Mortgage Market Deregulation

• 成果类型: Article
• 署名作者: Hacamo, Isaac
• 署名单位: Indiana University System; Indiana University Bloomington
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaa073
• 发表日期: 2021
• 页码: 907
• 关键词: BANK DEREGULATION; ECONOMIC-GROWTH; fertility; credit; CONSEQUENCES; determinants; quantity; distance; CHILDREN; QUALITY

摘要

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.