Import Competition and Household Debt
نویسندگان
چکیده
We analyze the effect of import competition on household balance sheets from 2000 to 2007 using individual data consumer finances. exploit variation in exposure foreign industry-level shipping costs and initial differences regions? industry specialization. show that debt increased significantly regions where manufacturing industries are more exposed competition. A one standard deviation increase explains 30 percent cross-regional leverage growth, is mostly driven by home equity extraction. Our results highlight distributive effects globalization their consequences for
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ژورنال
عنوان ژورنال: Journal of Finance
سال: 2022
ISSN: ['0022-1082', '1540-6261']
DOI: https://doi.org/10.1111/jofi.13185