published in: Labour Economics, 2003, 10 (5), 681-703
In this paper, we examine whether imperfections in credit markets spill over to other markets,
particularly the labor market. We take the case of Italy, a country that experienced changes in
the mortgage market brought about by the 1992 European unification and other institutional
shifts. These events make Italy a good laboratory to study the effects of financial markets on
the labor market. Using a simultaneous equation framework and household data from the
Bank of Italy between 1989 and 1993, we estimate the relationship between female
participation and mortgage use. We find a significant impact of mortgages on women’s
participation in the labor market.
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