Household Finance Shapes Political Participation: Evidence from Mortgage Refinancing

Federal Reserve Bank of Dallas, Working Papers 2026

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Authors: Haoyang Liu, W. Ben McCartney, Rodney Ramcharan, Calvin Zhang, Xiaohan Zhang
DOI: 10.24149/wp2517r1
Cited by: 0
References: 64

Abstract

Using quasi-experimental variation from movements in mortgage rates and eligibility cutoffs in HARP, this paper shows that borrowers who refinanced between 2009 and 2012 were more likely to vote in the 2012 general election than otherwise similar borrowers who did not refinance.

Fields of Study & Subjects

Electoral Systems and Political Participation Financial Literacy Pension Retirement Analysis Housing Market and Economics

Publication details

Journal / source
Federal Reserve Bank of Dallas, Working Papers
Volume
2025
Issue
2517
Publication date
1 March 2026
Language
EN