Credit Constraints and Demand for Higher Education: Evidence from Financial Deregulation
Credit Constraints and Demand for Higher Education: Evidence from Financial Deregulation
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信贷约束和高等教育需求：金融放松管制的证据
DOI：
10.1162/rest_a_00558
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发表时间：
2016
影响因子：
8
通讯作者：
Constantine Yannelis
中科院分区：
文献类型：
--
作者：
Stephen Teng Sun;Constantine Yannelis
摘要我们使用交错的银行放松管制在美国各州检查的影响，从而增加信贷供应的大学入学率从20世纪70年代到20世纪90年代初。我们的研究设计产生的估计不会受到收入或住房财富变化造成的财富效应的混淆。我们发现，取消银行限制使大学入学率提高了约2.6个百分点（4.9%）。我们通过检查不同收入群体和破产家庭的结果，排除了其他解释。我们还发现了两年或四年制大学毕业的类似影响，以及家庭教育借贷的支持证据。
Abstract We use staggered banking deregulation across states in the United States to examine the impact of the resulting increased credit supply on college enrollment from the 1970s to the early 1990s. Our research design produces estimates that are not confounded by wealth effects due to changes in income or housing wealth. We find that lifting banking restrictions raises college enrollment by about 2.6 percentage points (4.9%). We rule out alternative interpretations by examining results for different income groups and bankrupt households. We also find similar effects for two-year or four-year college completion and supporting evidence in household educational borrowing.