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Mortgages and Financial Expectations: A Household-Level Analysis

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Author Info

  • Sarah Brown

    (Department of Economics, University of Sheffield, 9 Mappin Street, Sheffield S1 4DT, United Kingdom)

  • Gaia Garino

    (Department of Economics, University of Leicester, University Road, Leicester, Leicestershire LE1 7RH, United Kingdom)

  • Karl Taylor

    ()
    (Department of Economics, University of Sheffield, 9 Mappin Street, Sheffield S1 4DT, United Kingdom)

Abstract

We contribute to the literature on household mortgage debt by exploring one particular influence on mortgage debt at the household level, namely the financial expectations of the individuals within the household. Our theoretical model predicts a positive association between the quantity of mortgage debt and optimistic financial expectations. Our empirical findings based on household level data provide convincing support for our theoretical priors in that optimistic financial expectations are positively associated with the level of outstanding mortgage debt.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 74 (2008)
Issue (Month): 3 (January)
Pages: 857-878

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Handle: RePEc:sej:ancoec:v:74:3:y:2008:p:857-878

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Web page: http://www.southerneconomic.org/
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Cited by:
  1. Sarah Brown & Karl Taylor, 2011. "Household finances and the 'Big Five' personality traits," Working Papers 2011025, The University of Sheffield, Department of Economics.
  2. Sarah Brown & John Sessions & Karl Taylor, 2004. "What Will I Be When I Grow Up? An Analysis of Childhood Expectations and Career Outcomes," Discussion Papers in Economics 05/2, Department of Economics, University of Leicester.
  3. Sarah Brown & Karl Taylor, 2008. "Expectations, Reservation Wages And Employment: Evidence From British Panel Data," Working Papers 2008007, The University of Sheffield, Department of Economics, revised May 2008.

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