After the great recession : financial sophistication and housing leverage

被引：4

作者：

Kim, Kyoung Tae ^{[1
]}

Seay, Martin C. ^{[2
]}

Smith, Hyrum L. ^{[3
]}

机构：

[1] Univ Alabama, Dept Consumer Sci, Tuscaloosa, AL USA

[2] Kansas State Univ, Sch Family Studies & Human Serv, Manhattan, KS 66506 USA

[3] Utah Valley Univ, Dept Finance & Econ, Orem, UT USA

来源：

APPLIED ECONOMICS LETTERS | 2016年 / 23卷 / 18期

关键词：

great recession; financial sophistication; mortgage; housing leverage; survey of consumer finances; D12; D14; LITERACY; WEALTH;

D O I：

10.1080/13504851.2016.1150944

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

US households face various choices in saving for retirement, with one of the most common decisions related to maintaining or paying off a mortgage. Using the 2010 and 2013 Survey of Consumer Finances, this study investigates the relationship between financial sophistication and mortgage decisions among middle-age households. A Heckman two-stage selection model is employed to investigate two separate decisions: mortgage holding and loan-to-value (LTV) ratios among mortgage holders. Results indicate that financial sophistication is positively associated with carrying a mortgage and higher LTV ratios. These results imply that financially sophisticated households may be using leverage to increase asset returns.

引用

页码：1285 / 1288

页数：4

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