| Author: | Chen, Fengqin |
| Title: | Local agglomeration and household mortgage debt |
| Advisors: | Saffar, Walid (AF) |
| Degree: | M.Phil. |
| Year: | 2022 |
| Subject: | Mortgage loans Loans, Personal Regional economics Hong Kong Polytechnic University -- Dissertations |
| Department: | School of Accounting and Finance |
| Pages: | v, 63 pages : illustrations |
| Language: | English |
| Abstract: | Using detailed household data, we find that households working in locally agglomerated economies have higher levels of mortgage debt and are more likely to have mortgage debt. Further analyses document that local agglomeration reduces laborers’ unemployment risk and increases their promotion probability and wealth. Meanwhile, households with high unemployment risk, low probability of promotion, and low wealth are more likely to get mortgages if they are in more agglomerated economies. These results suggest that the link between local agglomeration and mortgage debt is best explained by the career prospects view. That is, agglomerated economies increase laborers’ career potential. Our results hold under instrumental variables analysis and a set of robustness checks. Overall, our findings highlight the importance of local labor market composition in household mortgage debt. |
| Rights: | All rights reserved |
| Access: | open access |
Copyright Undertaking
As a bona fide Library user, I declare that:
- I will abide by the rules and legal ordinances governing copyright regarding the use of the Database.
- I will use the Database for the purpose of my research or private study only and not for circulation or further reproduction or any other purpose.
- I agree to indemnify and hold the University harmless from and against any loss, damage, cost, liability or expenses arising from copyright infringement or unauthorized usage.
By downloading any item(s) listed above, you acknowledge that you have read and understood the copyright undertaking as stated above, and agree to be bound by all of its terms.
Please use this identifier to cite or link to this item:
https://theses.lib.polyu.edu.hk/handle/200/13224