(Luận Văn) Determinants Of Homeownership In Vietnam.pdf

UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS VIETNAM NETHERLANDS PROGRAMME FORMA IN DEVELOPMENT ECONOMICS Determinants of Homeownership in Vie[.]

INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM ng hi ep w VIETNAM- NETHERLANDS PROGRAMME FORMA IN DEVELOPMENT ECONOMICS n lo ad ju y th yi pl Determinants of Homeownership in Vietnam n ua al A thesis submitted in partial fulfilment of the requirements for the degree of va n MASTER OF ARTS IN DEVELOPMENT ECONOMICS ll fu oi m at nh z By z k jm ht vb NGUYEN NGOC TUAN om an Lu THUVItN ~ 31'1 l.c gm BO GIAO DUC £lAO T~O " TRUONG £l~l HQC KINH TE TP.HCM n va ey t re HO CHI MINH CITY, DECEMBER 2009 t INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM ng hi ep VIETNAM - NETHERLANDS PROGRAMME FORMA IN DEVELOPMENT ECONOMICS w n lo ad y th ju Determinants of Homeownership in Vietnam yi pl ua al A thesis submitted in partial fulfilment of the requirements for the degree of n MASTER OF ARTS IN DEVELOPMENT ECONOMICS n va ll fu oi m at nh z z Academic Supervisor: DR HA THUC VIEN vb k jm ht Student: NGUYEN NGOC TUAN om l.c gm an Lu n va ey t re HO CHI MINH CITY, DECEMBER 2009 th ACKNOWLEDGEMENTS ng First of all, I would like to thank Dr Ha Thuc Vien, my supervisor, for his hi valuable comments and assistance Without his support and encouragement, my thesis ep would not be finished w I also thank to my classmate Mr Nguyen Thanh Danh who advised me c:in data n lo processing for the thesis ad y th I would like to special thank Assoc Prof Dr Nguyen Trong Hoai who has often ju urged and encouraged me to complete my thesis yi pl Supports from Vietnam-Netherlands Programme for MA m Development n ua al Economics' staff and classmates are fully acknowledged va My heartfelt gratitude also goes to my family, particularly my wife and children n who are my love and motivation during the studying time ll fu at nh NGUYEN NGOC TUAN oi m HCMC, Winter 2009 z z ht vb k jm om l.c gm n a Lu n va y te re t DECLARATION I declare that "Determinants of Homeownership in Vietnam" is my own work, that it has not been submitted to any degree or examination at any other universities, and ng that all the sources used or quoted are indicated and acknowledged by complete hi ep references HCMC, December 2009 w n lo NGUYEN NGOC TUAN ad ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re th II ABSTRACT Homeownership is considered as one of most essential needs for people living in ng the country It reflects the quality of life through the dwelling condition The percentage hi ep of households that own private houses is increasing year to year Furthennore, Vietnam is a developing country that is targeting to a market-oriented economy This has created w many opportunities for improving its whole economy and society Consequently, the n lo probability ofhomeownership is improved, as well However, the rate of poor households ad is still rather high in Vietnam This may leads to many difficulties in obtaining y th satisfaction from homeownership Therefore, this study is to examine determinants of ju yi homeownership of households in Vietnam on the basic of descriptive statistics and pl econometrics It is found that the household characteristics such as income, the number of al ua members and assets of the household are statistically significant effect on the probability n of homeownership Also, age and gender of the household heads are found to be va n significantly correlated its homeownership However, marital status and education fu ll attainment of the head are insignificant Other dete1minants are social-economic m characteristics such as credit assistant program, immigration and employment The result oi probability, excluding credit assistant programs at nh is that, immigration and employment have significant effects on homeownership z z k jm ht vb om l.c gm an Lu n va ey t re th Ill TABLE OF CONTENTS PAGE ACKNOWLEDGEMENT i ng hi DECLARATION ii ep ABSTRACT iii TABLE OF CONTENTS iv w n lo LIST F TABLES vi ad LIST OF FIGURES vi y th LIST OF BOXES • vi ju yi ABBREVIATIONS AND GLOSSARIES vii pl CHAPTER 1: INTRODUCTION ua al 1.1 Problem statement n n va 1.2 Objective of study ll fu 1.3 Research questions m oi 1.4 Research methodology and scope of research nh 1.5 Structure ofthesis at z CHAPTER II: LITERATURE REVIEW z vb 2.1 Theoretical literature jm ht 2.1.1 Basic terms and concepts k gm 2.1.2 Assessment of economic theoretical approaches l.c 2.2 Empirical studies 16 om CHAPTER III: RESEARCH METHODOLOGY 21 an Lu 3.1 Analytical framework 21 ey t re 1.2 Methods of homeownership research 22 n va 3.1.1 Qualitative choice models for durable goods 21 th IV 3.1.3 Major determinants ofhomeownership 24 3.2 Research method 29 3.2.1 Justification of models 29 ng hi 3.2.2 Econometric model specification 30 ep CHAPTER IV: AN OVERVIEW OF HOMEOWNERSHIP AND HOUSING w SECTOR IN VIETNAM 35 n lo 4.1 An overview ofhomeownership in Vietnam 35 ad ju y th 4.2 Changing in housing policies 39 4.3 Challenges ofhomeownership in the new economy .41 yi pl 4.4 Housing demand in Vietnam: An example from Hanoi and Ho Chi Minh City 43 ua al CHAPTER V: ECONOMETRIC ANALYSIS AND RESULTS 47 n va 5.1 Data set 47 n fu 5.2 Logistic model ofhomeownership 49 ll m oi 5.3 Logistic regression results 50 nh at 5.4 Measurement of goodness-of-fit 52 z z 5.5 Result interpretation 53 vb ht 5.6 Summary 56 jm CHAPTER VI: CONCLUSIONS AND POLICY IMPLICATIONS S8 k gm 6.1 Conclusions 58 om l.c 6.2 Policy implications , 59 REFERENCES 60 a Lu n APPENDIX 65 n va y te re t v LIST OF TABLE Table 3.1: Variable descriptions 34 Table 4.1: Mean of determinants ofhomeownership 36 ng hi Table 4.2: Group of determinants by binary characteristics 38 ep w n LIST OF FIGURES lo ad Figure 2.1: Wage and price setting and the natural level of employment 14 ju y th yi pl LIST OF BOXES al n ua Box 4.1: Work starts on National Assembly House project .44 n va Box 4.2: Ho Chi Minh City (HCMC) to expand worker accommodations .46 ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re t Vl ABBREVIATIONS AND GLOSSARIES ng hi ep w n lo ad FMO :The entrepreneurial development bank of the Netherlands GEN :Gender HCMC : Ho Chi Minh City HHINC : Household income y th HHSIZE : Household size ju IMMI yi :Immigration pl ua :Logistic n Logit : Lost Angeles al LA va :National Longitudinal Survey of Youth PS : Price setting PUMS : Public Use Micro-data Sample STATA : Statistics/Data Analysis U.S :United States UNDP : United Nations Development Program VHLSS : Vietnam Household Living Standard Survey ws : Wage setting WTO :World-Trade-Organization n NLSY ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th Vll CHAPTER I INTRODUCTION ng hi ep 1.1 Problem statement w n lo Vietnam is a transition economy that has changed from a centrally planned ad economy to a market economy Over last two decades, Vietnam has increasingly y th integrated into the larger world of economies Particularly, since joining the WTO in ju November 2006, Vietnam's economy has gradually tightened with the global economy yi pl strongly As a result, Vietnam's economy has grown more than 7% per year and income al ua per capita has quickly increased from US$ 220 in 1994 to US$ 1,024 in 2008 (U.S n Department of State 2009) Economic reform has also brought Vietnam into a new era of va development, industrialization, modemization and urbanization Together with n ll fu development process, economic growth and rapid population growth, there are oi m appropriate 86 million people, of them 29.6% are living in cities This places a nh particularly important role on the development of housing sector and it has become at urgently important at nowadays (Mizuno & Ishigami 1999) z z In 1991 Vietnamese people are allowed to have the right of owning a house by an vb ht ordinance on housing Therefore, homeownership is a wish of Vietnamese people k jm (Geertman 2003) In according with economic growth, homeownership has become a gm proper demand in the life for a household because it is related to financial benefits l.c (possible capital gains by selling a house later) and non-monetary benefits (physical health and development of children's cognitive capacities) in the future (Leppel 2007) In om the perception of home owners, homeownership is embodied the personal success and a Lu happiness (Dietz & Haurin 2003) In addition, homeownership also increases local n va community stability and commitment in making a choice to live in where a household n owns a house (Ratledge 1999) As a result, homeownership increases the demography y te re stability in comparison with house renters that often change their accommodations (Dietz th -Homeownership I P>lzl z Std Err Coef Marginal effect (e Bi) ng hi ep 1754409 0718569 2.44 0.015 1.19 HHSIZE 1902853 0468842 4.06 0.000 1.21 ASSET 3.53e-06 1.62e-06 2.18 0.029 AGE 0297292 0040295 7.38 0.000 1.03 GEN 3028046 1177138 2.57 0.010 1.35 -1.598311 5983002 -2.67 0.008 0.2 3162065 0442301 7.15 0.000 1.37 -1.765002 7288455 -2.42 0.015 0.17 lnHHINC w n lo ad ju y th IMMI yi pl EMPL ua al cons n n va fu ll From the regression result, most of the coefficients signs are consistent with the m expected signs All of independent variables have positive effects on homeownership oi nh except immigration that has the negative influence Especially, the most statistically at significant variables are household size, age of the household head and the number of z z people working in the household vb ht In the interpretation of regression result by marginal effect, one variable is jm explained by keeping others constant This applies for interpretation of all coefficients as k gm the following l.c The natural logarithm of total income of the household per year has effect on the om favor of homeownership in which one percent increase in total income of the household a Lu per year leads to an increase in the odds of homeownership by 1.19 times It implies that n the household is more likely to increase the favor of homeownership by 19 percent if n va their total income per year increases by percent y increasing by person, the odds of homeownership increases by 1.21 times That means te re Similarly, household size has also influence on the favor of homeownership By th 54 if the household has one more person, their favor of homeownership will increase 21 percent The total value of fixed assets of the household is less likely to affect on the favor ng of homeownership When fixed assets value increases by thousands Dong, the odds of hi homeownership not increase It implies that the favor of homeownership of the ep household is less likely to be effected by their assets w Age of the household head has less effect on the favor ofhomeownership as well If n lo age of the household head increases by year, the odds of homeownership increase by ad 1.03 times In other word, the favor of homeownership will increase percent when age y th of the household head increases by year ju yi The gender of the household head has more influence on the favor of pl ua al homeownership Male household heads are more likely to be favor ofhomeownership by 1.35 times (or 35 percent) than female household heads n n va Immigration has a negative effect on homeownership The household heads that are ll fu not registered as permanent residence are less likely to own a house by 80 percent than oi m those who are permanent residence In other words, the favor of homeownership of immigrant households is less than that of local households by 80 percent nh at The number of persons working in the household has strong effect on the favor of z z homeownership If the household increases person who is working for wage, salary and vb production/service in agriculture, forestry, aquaculture then the favor of homeownership ht k jm will increases by 1.37 times or 37 percent gm Besides statistical significance of explained variables, there are three omitted the unrestricted model that is explained as the follow om l.c variables (MARITAL, EDU and CRED) that are not statistical significance at 5% level in a Lu For MARITAL variable, the possible reason is that in developing country like Vietnam, people often get marriage soon At that time, couples are still young that there n y te re suggested, the youth is difficult to eam high income because of their experience n va is not sufficient financial resource for purchasing their own house Tn addition, as theory t 55 Consequently, young couples often live together with their parents or rent a house as a temporary solution for accommodation About education attainment of household head (EDU variable), it is not statistically ng significant at the level of 5% because VHLSS 2006 found that the rate of people who hi ep have no qualifications or never go to school of population is rather high In particularly, the poorest without any diploma was 38% while it was around 10.9% for the richest This w implies that the well educated people in Vietnam are rather low In the regression running n lo data set, there are only 4.53% of people who get college, university or doctor diploma In ad addition, there may be no guarantee for getting a good job with high salary for people y th who graduated This affects on high educated people's earnings which, in turn, limit the ju ability of buying a house yi pl The last statistically insignificant is CRED variable In 2006, 90% of poor al n ua households selected by localities benefited from the government project/policy programs va In the period 2004-2006, nearly 40% households had loans or owed money in which n there is 19% for improving houses and living conditions But the higher percentage of fu ll loans for house and living conditions improvement was seen in households with higher m oi income (VHLSS 2006) That means the poor is rather difficult in reaching programs at nh because of poor administration and corruption That leads to inefficiency of project/ policy programs As the result, poor households cannot improve their living conditions z jm ht Summary vb 5.6 z through homeownership k The regression result indicates that all significant determinants of homeownership gm include household characteristics such as total income per year, the number of people and l.c assets of the household All of them have positive effects on homeownership and om consistent with the expected signs as proposed in Chapter III - Research methodology an Lu For characteristics of the household head, age and gender have positively significant effects on the probability of homeownership as theories and empirical found out, while n va the marital status and education attainment are not statistically significant at the level of Moreover, credit assistant program is insignificantly correlated with 56 ey homeownership Marital status, education and credit are not consistent with theories and t re percent empirical studies as stated in Chapter III The reasons are more likely to be a specific situation of Vietnam as the above explanation Furthermore, immigration and employment are found as strongly impacted factors ng on the favor of homeownership Immigration has a negative effect as expected and hi employment has the strongest influence on the favor of homeownership in term of ep marginal effect with the same sign as expectation w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re t 57 CHAPTER VI CONCLUSIONS AND POLICY IMPLICATIONS ng hi ep 6.1 Conclusions This study aimed at examining determinants of homeownership of households in w Vietnam on the basic of VHLSS 2006 The estimation results are consistent with the n lo findings of empirical studies and theory Specifically, all variables of household ad characteristics such as the total income per year of the households, household size and y th assets are significant and positive factors ju yi For household head's characteristics, age and gender of household heads are pl ua al significantly and positively correlated with the homeownership while marital status and education attainment are insignificant The insignificance of marital status is recognized n n va that buying a house is not a normal consumption; it does need the big financial resource This may create difficulties in homeownership for youth married couples because of their fu ll limitation in accumulated assets But they can live together with their parents or renting a m oi house Even though they can own a house since their parent supports This is why marital nh status is not significant factor The study is also found that education is not a major at z detenninant of homeownership because of striking reasons First, Vietnam is used to be z vb the poor country that has the low rate of high education This has led to low eamings ht Second, in the case of people who get high education, they not always have higher jm eamings because of unfair income distribution in society These reasons make educated k gm people trouble in budget constraints for homeownership But they still maybe own a l.c house because of other reasons such as heritage, support of the relatives and etc om In term of social-economic characteristics, immigration and employment variables a Lu are significant and positive factors But credit assistant is insignificant because of poor n administration and corruption in policy programs From the result of regression, it is va recognized that employment has strong effect on homeownership This is the answer for n y The study is also found that there is a big gap between immigrants and local citizens in te re the research question: Does the employment really affect on homeownership probability? t 58 the probability of homeownership in which the immigrant households meet with serious difficulties in ownership that the last research question deals with Limitation and further research ng However, the regression result of the study shows that the goodness of fit of the hi ep model is rather low Only percent of the total variance in homeownership probability is explained by all independent variables There are two main reasons that affect on the w n goodness of fit First, the bias of data set that is presented above in Section 5.1 Second is lo the lack of independent variables in the model This limitation may be a chance for ad further research For example, some independent variables may be added into the model y th ju such as location (urban or rural) because of big different in costs of houses For further yi research, by using the results of this study, a research about effects of determinants of pl homeownership on the housing market may be done ua al 6.2 Policy implications n va Immigration and employment are found to be significant determinants of the n ll fu homeownership probability that the study concerns Therefore, some policy implications oi m are suggested as the followings at nh - There is a wide gap in the homeownership probability between local residences and immigrant population The homeownership rate of immigrant population is 80% less z z than that of local citizens Thus, policies improving the access of immigrant population vb jm ht to homeownership should be adopted in order to reduce the homeownership gap - The most important dete1minant of homeownership is employment The study k gm indicates that, keep other variables constant, if the household increases by person who l.c is working for wage, salary and production/service in agriculture, forestry, aquaculture om then the favor homeownership will increases by 1.37 times or 37 percent It is really a been effective in increasing the probability ofhomeownership an Lu crucial factor on the probability of homeownership Therefore, job-creation policies have n va ey t re t 59 REFERENCES ng Abowd, J.M & Freeman, R.B., 1991 Immigration, Trade, and the Labor Market Chicago: The University of Chicago Press hi ep Arrondel, L & Lefebvre, B 2001 Consumption and Investment Motives in HousingWealth 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Environment and Planning A 2004 36, p 579 -600 ad The ju y th Saigon Times Daily, 2009 Dated July 8, 2009 Available at http://www.horea.org.vn!muctinkhac ct.php?id=26986 [Accessed 20 August 2009] yi pl The Saigon Times Daily, 2009 Migration should be included in development strategies ua al Dated October 6, 2009 n The Saigon Times Daily, 2009 Dated October 14, 2009 va n Available at http://www.horea.org.vnlmuctinkhac ct.php?id=27628 October 2009] [Accessed 20 ll fu oi m Thomas,M., 2002 Out of control: emergent cultural landscapes and political change in urban Vietnam Urban Studies 39(9), p 1611-1624 nh at Train, K E 1986 Qualitative Choice Analysis: Theory, Econometrics and an Application to Automobile Demand MIT Press z z ht vb Tran, H A & Dalholm, E., 2005 Favoured owners, neglected tenants: privatization of state owned housing in Hanoi Housing Studies 20(6), p 897-929 jm k U.S Department Of State, 2009 BUREAU OF EAST ASIAN AND PACIFIC AFFAIRS gm om l.c Available at: http://www.state.gov/r/pa/ei/bgn/4130.htm [Accessed 20 April 2009] n a Lu VHLSS, 2006 Vietnam Household Living Standard Survey General Statistical Office of Vietnam Available at: n va http://www.gso.gov.vn/default en.aspx?tabid=515&idmid=5&ItemiD=8183 [Accessed 20 October 2008] y te re th 64 APPENDIX logit Homeownership lnHHINC HHSIZE ASSET AGE MARITAL GEN EDU CRED IMMI EMPL ng Iteration 0: log likelihood= -1623.191 hi Iteration 1: log likelihood= -1546.802 ep Iteration 2: log likelihood= -1511.2709 Iteration 3: log likelihood= -1508.5037 w n Iteration 4: log likelihood= -1508.0715 lo ad Iteration 5: log likelihood=- 1508.0685 y th Iteration 6: log likelihood= -1508.0685 Number of obs = ju Logistic regression 9189 yi pl LR chi2(10) = 230.25 Prob > chi2 = 0.0000 al Pseudo R2 0.0709 n ua Log likelihood = -1508.0685 va Coef Std Err P>lzl z n I Homeownership [95% Conf Interval] fu ll m 2.76 0.006 0609527 3582341 1709471 0482207 3.55 0.000 0764363 2654579 3.39e-06 2.12 0.034 2.58e-07 6.52e-06 2095934 0758385 HHSIZE ASSET oi lnHHINC at nh 1.60e-06 z 0292747 0041242 7.10 0.000 0211915 0373579 MARITAL 1648587 1884519 0.87 0.382 -.2045002 5342176 GEN 2814768 1213494 2.32 0.020 I 1684577 2500987 IMMI EMPL 1360471 0.67 0.501 -.3217267 6586421 -1.606352 6005831 -2.67 0.007 -2.783473 -.4292307 I 3144994 0443521 7.09 0.000 2275709 -2.137097 7615975 -2.81 0.005 -3.629801 -.6443937 l.c 4014279 om - n a Lu cons -.7668298 gm CRED -1.37 0.171 5193172 k 23033 0436364 jm -.3153914 ht vb EDU z AGE n va *Note: failures and success completely determined y te re th 65 Dropping EDU variable logit Homeownership lnHHINC HHSIZE ASSET AGE MARITAL CRED IMMI EMPL GEN Iteration 0: log likelihood= -1623.191 ng Iteration 1: log likelihood= -1547.621 hi ep Iteration 2: log likelihood= -1512.1907 Iteration 3: log likelihood= -1509.3763 w Iteration 4: log likelihood= -1508.9499 n lo Iteration 5: log likelihood= -1508.947 ad Iteration 6: log likelihood= -1508.947 y th Number of obs Logistic regression 9189 ju 228.49 LR chi2(9) yi = pl Prob > chi2 Log likelihood= -1508.947 0.0000 0.0704 n ua al Pseudo R2 I Coef va Homeownership z Std Err P>lzl [95% Conf Interval] n ll fu .1823086 0734559 2.48 0.013 0383378 3262795 HHSIZE 1782762 0479696 3.72 0.000 0842576 2722948 ASSET 3.53e-06 2.18 0.029 3.59e-07 6.70e-06 0211413 0373052 oi m lnHHINC nh 1.62e-06 at 0292233 0041235 MARITAL 1679746 1885102 0.89 0.373 -.2014986 5374478 GEN 2801263 1213951 2.31 0.021 0421963 5180563 CRED 1667903 2501114 0.67 0.505 IMMI -1.57542 6004698 -2.62 0.009 EMPL 3137405 044225 7.09 ht jm -.3234191 6569997 k -2.75232 -.3985212 0.000 2270611 40042 -2.56 0.010 -3.36992 l.c gm -1.908292 7457426 vb z cons 7.09 0.000 z AGE -.446663 om - n a Lu *Note: failures and success completely determined n va y te re t 66 Dropping CRED variable logit Homeownership lnHHINC HHSIZE ASSET AGE MARITAL GEN IMMI EMPL Iteration 0: log likelihood= -1623.191 ng Iteration 1: log likelihood= -1547.7189 hi ep Iteration 2: log likelihood= -1512.4073 Iteration 3: log likelihood= -1509.5996 w Iteration 4: log likelihood= -1509.181 n lo Iteration 5: log likelihood= -1509.1782 ad Iteration 6: log likelihood= -1509.1782 ju y th Logistic regression 9189 Number of obs yi = pl LR chi2(8) 228.03 ua al Prob > chi2 0.0000 Pseudo R2 n Log likelihood= -1509.1782 = 0.0702 n va Coef P>lzl z Std En· [95% Conf Interval] ll fu I Homeownership m .1719381 0720449 HHSIZE 1809984 0478379 ASSET 3.51e-06 1.61e-06 AGE 0290185 0041123 7.06 0.000 MARITAL 167101 1885047 0.89 GEN 2780881 1213577 2.29 0.022 0402314 600712 -2.63 0.009 -2.757107 -.4023592 3151718 0442138 7.13 0.000 2285143 -1.796859 7292006 -2.46 0.014 -3.226066 -.3676517 oi lnHHINC 0.375 0307327 3131435 0872378 2747589 3.51e-07 6.68e-06 0209585 0370786 -.2023614 5365635 5159448 k jm ht 4018294 om l.c gm vb I z EMPL -1.579733 2.18 0.029 z 3.78 0.000 at nh IMMI cons 2.39 0.017 an Lu *Note: failures and success completely determined n va ey t re t 67 Dropping MARITAL logit Homeownership lnHHINC HHSIZE ASSET AGE GEN IMMI EMPL Iteration 0: log likelihood= -1623.191 Iteration 1: log likelihood= -1541.0462 ng Iteration 2: log likelihood= -1512.7322 hi ep Iteration 3: log likelihood= -1510.2637 Iteration 4: log likelihood= -1509.5683 w Iteration 5: log likelihood= -1509.5625 n lo Iteration 6: log likelihood= -1509.5625 ad Number of obs 9189 LR chi2(7) 227.26 Prob > chi2 0.0000 Pseudo R2 0.0700 Logistic regression ju y th yi pl Log likelihood= -1509.5625 ua al I Coef Std Err n Homeownership P>lzl z [95% Conf Interval] 2.44 0.015 0346039 3162779 HHSIZE 1902853 0468842 4.06 0.000 098394 2821766 ASSET 3.53e-06 1.62e-06 AGE GEN 0.029 3.58e-07 6.70e-06 nh 0297292 0040295 7.38 0.000 0218315 0376269 3028046 1177138 2.57 0.010 0720898 5335194 z -2.770958 -.4256639 2.18 at I -1.598311 I 3162065 5983002 -2.67 0.008 0442301 7.15 0.000 -1.765002 7288455 -2.42 0.015 vb 229517 ht 402896 -3.193513 -.3364914 k jm z cons oi EMPL m IMMI fu 1754409 0718569 ll n va lnHHINC om l.c *Note: failures and success completely determined gm -~ n a Lu n va y te re th 68