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Offre de travail et accession à la propriété : l’impact des contraintes d’emprunt sur l’activité des femmes en France

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  • Cédric Houdré

Abstract

[fre] Depuis près de trente ans, la politique du logement menée en France s’efforce d’encourager l’accession à la propriété. La progression de l’accession qui avait été assez prononcée jusqu’au début des années 1990 a cependant marqué le pas pendant une dizaine d’années. L’accession s’effectue dans 85 % des cas par recours à l’emprunt, mais pour obtenir un crédit les ménages doivent satisfaire deux contraintes: disposer d’un apport personnel et ne pas s’endetter au-delà de 30 % de leurs revenus. En utilisant les fluctuations des prix de l’immobilier et des taux d’intérêt comme sources de variation exogènes de l’endettement, il est possible d’évaluer si un ménage augmente son offre de travail lorsque son taux d’effort (le rapport entre les charges de remboursement et ses revenus) s’approche du seuil imposé par les organismes de crédit. Les données d’un échantillon de couples de l’enquête Patrimoine 2004 montrent qu’en deçà de 25 % des revenus, le taux d’effort du ménage n’influence pas les comportements d’activité des femmes. Dès qu’il dépasse ce seuil en revanche, la femme a 14 % de chances supplémentaires d’être active. Cette relation causale non linéaire entre le taux d’effort et l’activité des femmes peut s’expliquer par l’existence de contraintes de crédit. La combinaison d’un marché du travail dégradé et de l’existence de contraintes d’emprunt peut donc constituer un frein à l’accession à la propriété des ménages. En France, ces contraintes ont un rôle d’ampleur comparable à ce que l’on constate dans d’autres pays comme le Canada ou le Royaume-Uni. [ger] Seit fast dreißig Jahren zielt die Wohnungsbaupolitik in Frankreich auf die Förderung des Eigenheimerwerbs ab. Die Zunahme des Erwerbs von Eigenheimen, die bis Anfang der 1990er Jahre sehr ausgeprägt war, hat sich jedoch in den letzten zehn Jahren verlangsamt. Der Kauf von Eigenheimen wird in 85 % der Fälle mit Darlehen fi nanziert. Um einen Kredit zu erhalten, müssen die Haushalte aber zwei Voraussetzungen erfüllen: Sie müssen über Eigenmittel verfügen und dürfen sich nur bis zu 30 % ihrer Einkünfte verschulden. Anhand der Schwankungen der Immobilienpreise und der Zinsen, die exogene Variationsquellen der Verschuldung darstellen, kann beurteilt werden, ob ein Haushalt sein Arbeitsangebot erhöht, wenn sich die Quote seiner Belastung (Verhältnis zwischen Tilgung und Einkünften) dem von den Kreditinstituten festgesetzten Schwellenwert nähert. Die Daten einer Stichprobe von Ehepaaren der Vermögenserhebung 2004 zeigen, dass eine Belastung der Haushalte unter 25 % der Einkünfte keinen Einfl uss darauf hat, ob eine Frau einer Erwerbstätigkeit nachgeht. Wird diese Schwelle aber überschritten, ist die Wahrscheinlichkeit, dass die Frau arbeiten muss, um 14 % größer. Dieser nicht lineare kausale Zusammenhang zwischen Belastungsquote und Erwerbstätigkeit der Frauen kann mit den Kreditaufl agen erklärt werden. Die Kombination von schlechten Arbeitsmarktbedingungen und Darlehensaufl agen kann daher ein Hindernis für den Eigenheimerwerb durch die Haushalte darstellen. Die Aufl agen in Frankreich lassen sich mit denjenigen anderer Länder vergleichen, wie beispielsweise Kanadas oder des Vereinigten Königreichs. [spa] Desde hace unos treinta años, la política de vivienda llevada a cabo en Francia se esfuerza por impulsar el acceso a la propiedad. La progresión del acceso, que fue muy pronunciada hasta principios de los años 1990, dejó no obstante de prosperar durante una década. El acceso se efectúa en el 85% de los casos recurriendo al préstamo, pero para obtener un crédito los hogares tienen que satisfacer dos requisitos: disponer de la aportación de capital personal y no endeudarse más del 30% de los ingresos. Usando las fluctuaciones de los precios del sector inmobiliario y los tipos de interés como fuentes de variación exógenas del endeudamiento, es posible evaluar si un hogar aumenta su oferta de trabajo cuando su índice de esfuerzo (relación entre la carga de reembolso y los ingresos) se acerca al umbral impuesto por las entidades de crédito. Los datos de una muestra de parejas de la encuesta . Patrimonio 2004 demuestran que, por debajo del 25% de los ingresos, el índice de esfuerzo del hogar no influye en el comportamiento de actividad de la mujer. En cambio, cuando supera este umbral, la mujer tiene un 14% más de probabilidades de ser activa. Esta relación causal no lineal entre el índice de esfuerzo y la actividad de las mujeres puede explicarse por la existencia de dichas obligaciones de crédito. La combinación de un mercado de trabajo degradado y la existencia de estas obligaciones pueden ser, por consiguiente, un freno al acceso a la propiedad de los hogares. En Francia, estas obligaciones desempeñan un papel importante en comparación con lo observado en otros países como Canadá o el Reino Unido. [eng] For nearly thirty years now, French housing policy has been seeking to promote home ownership. After a fairly robust rise until the early 1990s, first-time homebuying stalled for about ten years. Eighty-fi ve percent of buyers take out loans, but households must meet two requirements in order to qualify: they need to provide a down payment and their loan cannot exceed 30% of income. By using fluctuations in real-estate prices and interest rates as sources of exogenous variation of debt, we can determine whether a household raises its labour supply when its income gearing (ratio of loan repayments to income) nears the ceiling set by credit institutions. The data for a sample of couples in the 2004 Household Assets Survey show that, up 25% of income, household income gearing does not infl uence female economic-activity behaviour. But when repayments cross that threshold, the female partner is 14% more likely to work. This non-linear causal relationship between income gearing and female activity can be explained by credit requirements. The combination of a weaker labour market and credit requirements can therefore inhibit first-time homebuying. In France, these constraints are as powerful as those observed in other countries such as Canada and the United Kingdom.

Suggested Citation

  • Cédric Houdré, 2008. "Offre de travail et accession à la propriété : l’impact des contraintes d’emprunt sur l’activité des femmes en France," Économie et Statistique, Programme National Persée, vol. 417(1), pages 153-172.
  • Handle: RePEc:prs:ecstat:estat_0336-1454_2008_num_417_1_7693
    DOI: 10.3406/estat.2008.7693
    Note: DOI:10.3406/estat.2008.7693
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    References listed on IDEAS

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    1. Janice Shack-Marquez & William L. Wascher, 1987. "Some Direct Evidence on the Importance of Borrowing Constraints to the Labor Force Participation of Married Women," Journal of Human Resources, University of Wisconsin Press, vol. 22(4), pages 593-602.
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    3. Wilde, Joachim, 2000. "Identification of multiple equation probit models with endogenous dummy regressors," Economics Letters, Elsevier, vol. 69(3), pages 309-312, December.
    4. Douglas Staiger & James H. Stock, 1997. "Instrumental Variables Regression with Weak Instruments," Econometrica, Econometric Society, vol. 65(3), pages 557-586, May.
    5. A. Maureen O'Brien & Clifford B. Hawley, 1986. "The Labor Force Participation Behavior of Married Women under Conditions of Constraints on Borrowing," Journal of Human Resources, University of Wisconsin Press, vol. 21(2), pages 267-278.
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