Housing Lock: Dutch Evidence on the Impact of Negative Home Equity on Household Mobility
中文摘要
本文采用荷兰行政人口数据来检验“住房锁定假说”：即具有负房屋净值、金融资产水平低且借贷机会受限的房主会降低其流动性的推测。由市政辖区内购房时点差异及荷兰追偿法严苛程度所驱动的房屋净值变异，促进了对住房锁定效应的识别。负房屋净值效应的两阶段最小二乘估计表明流动性下降了74–79个百分点，其中金融资产持有量低的家庭或进行更远距离搬迁的家庭，其效应显著更大。 (JEL G51, R21, R23, R31)
Abstract
This paper employs Dutch administrative population data to test the “housing lock hypothesis”: the conjecture that homeowners with negative home equity, low levels of financial assets, and restricted opportunities to borrow reduce their mobility. Variation in home equity driven by the timing of home purchase within a municipality and the harshness of Dutch recourse laws facilitates identification of housing lock effects. The 2SLS estimate for the effect of negative home equity is a 74–79 percent decline in mobility, where effects are substantially larger for households with low financial asset holdings or moves over longer distances. (JEL G51, R21, R23, R31)