Social proximity to capital and mortgage lending

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-10-26 DOI:10.1016/j.frl.2024.106333

Jennifer Zhang

引用次数: 0

Abstract

This study investigates the impact of social proximity to capital on the U.S. mortgage markets. The results show that mortgage loans in counties with stronger social connectedness to capital are associated with significantly larger loan amounts and lower interest rates. The endogeneity concern is mitigated by employing a propensity score matched sample. Channel analysis reveals that the potential mechanisms operate through borrowers’ higher income and improved credit conditions. The cross-sectional analyses indicate that first-time homebuyers in counties with closer social proximity to capital secure larger loans and lower rates, whereas minorities in these areas face adverse outcomes.

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社会接近资本和抵押贷款

本研究调查了与资本的社会接近性对美国抵押贷款市场的影响。结果表明，在与资本的社会联系更紧密的县，抵押贷款与更大的贷款额度和更低的利率相关。采用倾向得分匹配样本减轻了内生性问题。渠道分析表明，潜在的机制是通过借款人的高收入和信贷条件的改善来运作的。横截面分析表明，在社会距离资本较近的县，首次购房者可以获得较大的贷款额度和较低的利率，而这些地区的少数民族则面临不利的结果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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