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Mortgages and Financial Expectations: A Household-Level Analysis

  • 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)

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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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
Contact details of provider: Web page: http://www.southerneconomic.org/
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