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Student Loan Supply, Parental Saving and Portfolio Allocation

12 febbraio 2020 ore 12:00 - 14:00

Aula 207, Sede di Viale Romania, 32

Speaker: Emiel Jerphanion, Tilburg University


"I show that an expansion of student loan supply affects parents’ saving decisionsand portfolio allocation. By exploiting policy-induced variation on expected studentaid, I find a 2.2 pp increase in the parental saving rate, from 4.9% to 6.1%. Themechanism that drives this result is the positive effect of student aid on students’ collegeenrollment. Consistent with this interpretation, I find a disproportionate increase incollege enrollment for children of families affected by the reform. The positive savingresponse is largest among lower- and middle-income families and for parents with strongsaving preferences. A placebo test validates that the effect is absent in families withoutchildren. Moreover, I show that affected parents shift the allocation of saving flowstowards riskier assets."

E. Jerphanion - Student Loan Supply, Parental Saving and Portfolio Allocation.pdf499.66 KB