Effect of mortgage indebtedness on health of US homeowners
Effect of mortgage indebtedness on health of US homeowners
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DOI：
10.1007/s11150-014-9250-0
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发表时间：
2017-03-01
影响因子：
5.1
通讯作者：
Lau, Catherine
中科院分区：
文献类型：
--
作者：
Leung, Leigh Ann;Lau, Catherine
本文利用1992年至2008年的9次健康与退休研究，考察了房屋所有者过度的抵押贷款债务对其健康的影响。健康状况通过主观幸福感、抑郁症状数量以及高血压发病率来衡量。我们利用年均州级房价作为工具变量，试图在面板工具变量框架下确定因果效应。面板工具变量估计的结果表明，较高的抵押贷款价值比（LTV，定义为LTV等于或高于80%）会导致更多的抑郁症状和更高的高血压发病率，但对主观幸福感没有影响。由于面板估计的结果并未表明债务影响健康，所以面板工具变量的结果是否能证明因果关系在很大程度上取决于排他性假设。
This paper examines the effect of excessive mortgage indebtedness on health among homeowners using nine waves of the Health and Retirement Study from 1992 to 2008. Health status is measured by subjective well-being, number of depressive symptoms, and incidence of hypertension. Using average annual state-level home prices as an instrument, we attempt to identify the causal effect in an panel IV framework. Results from the panel IV estimations suggest that having a high mortgage loan to home value (LTV), defined as LTV at or above 80 %, leads to more depressive symptoms and a higher incidence of hypertension, but has no effect on subjective well-being. Since the results from panel estimations did not show that debt affects health, whether the panel IV results demonstrate a causal relationship depends critically on the exclusion assumption.