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.

中文翻译：

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靠近资本和抵押贷款的社交


本研究调查了社会接近资本对美国抵押贷款市场的影响。结果表明，与资本的社会联系更强的县的抵押贷款与显着较高的贷款金额和较低的利率相关。通过使用倾向评分匹配的样本来减轻内生性问题。渠道分析表明，潜在机制通过借款人更高的收入和更好的信贷条件来运作。横断面分析表明，在社会更接近资本的县，首次购房者获得更大的贷款和更低的利率，而这些地区的少数族裔则面临不利的结果。