Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 22, 2022 erstellt
Beschreibung:
As home-sharing platforms have continued to grow exponentially in the past decade, regulators are facing policy concerns as they address the impacts of these home-sharing platforms. It is essential for policymakers to understand the economic and societal impacts that these platforms pose as well as the effects of regulatory responses that have developed to date. To answer these questions, this study empirically investigates how Airbnb’s entry generates financial liquidity and mitigates financial delinquencies for households affected. On one hand, we show that Airbnb’s entry, as a positive shock to household liquidity, reduces mortgage loan and auto loan delinquencies by 3.99% and 2.68%, respectively. On the other hand, the local regulations of home-sharing economy platforms can offset the delinquency dampening effects brought by Airbnb, especially the most restrictive regulations focusing on restricting hosts’ access to the platform in certain regions. Further, by supplementing a Panel Vector Autoregression (PVAR) Model with impulse-response analysis, we demonstrate that households prioritize repayment to mortgage loans first, and then auto loans as well as bank card loans. This paper is consistent with other studies supporting the welfare brought by the sharing economy and has policy implications especially given the excessive household debts and the heated debates on how to regulate home-sharing platforms in the U.S