000			02033nab a2200205 c 4500
999			_c149818 _d149818
003			ES-MaIEF
005			20240925191159.0
007			ta
008			240925t2024 us ||||| |||| 00| 0 eng d
040			_aES-MaIEF _beng _cES-MaIEF
100			_91026 _aKumar, Anil
245	1	0	_aLabor market effects of credit constraints _bevidence from a natural experiment _c Anil Kumar and Che-Yuan Liang
260			_c2024
504			_aBibliografía
520			_aWe exploit the 1998 and 2003 constitutional amendment in Texas—allowing home equity loans and lines of credit for non-housing purposes—as natural experiments to estimate the effect of easier credit access on the labor market. Using state-level as well as county-level data and the synthetic control approach, we find that easier access to housing credit led to a notably lower labor force participation rate between 1998 and 2007. We show that our findings are remarkably robust to improved synthetic control methods based on insights from machine-learning. We explore treatment effect heterogeneity using grouped data from the basic monthly CPS and find that declines in the labor force participation rate were larger among females, prime age individuals, and the college-educated. Analysis of March CPS data confirms that the negative effect of easier home equity access on labor force participation was largely concentrated among homeowners, with little discernible impact on renters. We find that, while the labor force participation rate experienced persistent declines following the amendments that allowed access to home equity, the impact on GDP growth was relatively muted. Our research shows that labor market effects of easier credit access should be an important factor when assessing its stimulative impact on overall growth
650		4	_aCREDITOS BANCARIOS _941517
700			_aLiang, Chi Yuan _925905
773	0		_9172348 _oOP 2135/2024/3 _tAmerican Economic Journal : Economic Policy _w(IEF)134825 _x 1945-7731 _g v. 16, n. 3, august 2024, p. 1-27
942			_cART