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Credit constraints and GDP growth: Evidence from a natural experiment
Fed Reserve Bank Dallas, Res Dept, Dallas, TX 75201 USA.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Institute for Housing and Urban Research.
2019 (English)In: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 181, p. 190-194Article in journal (Refereed) Published
Abstract [en]

Before 1998, Texas was the only state that greatly restricted home equity loans and cash-out refinancing for non-housing consumption. Such borrowing was authorized in Texas, for the first time, through a constitutional amendment in 1998. Using state-level panel data and recently developed synthetic control methods based on machine learning we find that the Texas' constitutional amendments relaxing credit constraints had an insignificant impact on GDP growth. Our findings have important policy implications for the stimulative effect of easier home equity access on GDP growth. 

Place, publisher, year, edition, pages
ELSEVIER SCIENCE SA , 2019. Vol. 181, p. 190-194
Keywords [en]
Credit constraints and GDP growth, Synthetic control with machine learning
National Category
Economics
Identifiers
URN: urn:nbn:se:uu:diva-390388DOI: 10.1016/j.econlet.2019.05.037ISI: 000475997600044OAI: oai:DiVA.org:uu-390388DiVA, id: diva2:1341568
Available from: 2019-08-09 Created: 2019-08-09 Last updated: 2019-08-09Bibliographically approved

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Liang, Che-Yuan

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