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Mortgages and Financial Expectations: A Household Level Analysis

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  • Sarah Brown

    ()

  • Gaia Garino

    ()

  • Karl Taylor

    ()

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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File URL: http://www.le.ac.uk/economics/research/RePEc/lec/leecon/dp05-9.pdf
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Bibliographic Info

Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 05/9.

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Date of creation: Apr 2005
Date of revision: Dec 2006
Handle: RePEc:lec:leecon:05/9

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Postal: Department of Economics University of Leicester, University Road. Leicester. LE1 7RH. UK
Phone: +44 (0)116 252 2887
Fax: +44 (0)116 252 2908
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Web page: http://www2.le.ac.uk/departments/economics
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Web: http://www2.le.ac.uk/departments/economics/research/discussion-papers

Related research

Keywords: Financial Expectations; Housing Tenure; Inter-temporal Consumption; Mortgage Debt;

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Cited by:
  1. Martie Gillen & Hyungsoo Kim, 2014. "Older Adults’ Receipt of Financial Help: Does Personality Matter?," Journal of Family and Economic Issues, Springer, vol. 35(2), pages 178-189, June.
  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, 2011. "Household finances and the 'Big Five' personality traits," Working Papers 2011025, The University of Sheffield, Department of Economics.
  4. 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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