Greater Inequality and Household Borrowing: New Evidence from Household Data
| Autor: | Yuriy Gorodnichenko, Olivier Coibion, Marianna Kudlyak, John Mondragon |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Entrepreneurship
050208 finance Inequality Economics media_common.quotation_subject 05 social sciences education 1. No poverty Local variation Zip code humanities Clinical Research Debt 0502 economics and business 8. Economic growth Demographic economics Reduced Inequalities 050207 economics 10. No inequality General Economics Econometrics and Finance health care economics and organizations media_common |
| Zdroj: | Journal of the European Economic Association, vol 18, iss 6 |
| Popis: | Author(s): Coibion, O; Gorodnichenko, Y; Kudlyak, M; Mondragon, J | Abstract: Using household-level debt data over 2000-2012 and local variation in inequality, we show that low-income households in high-inequality regions (zip codes, counties, states) accumulated less debt relative to their income than low-income households in lower inequality regions. We also find evidence that low-income households face higher credit prices and reduced access to credit as inequality increases. We argue that these patterns are consistent with inequality tilting credit supply away from low-income households and toward high-income households, which may have long-run implications for outcomes like homeownership or entrepreneurship. |
| Databáze: | OpenAIRE |
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