migrating peasants, and, consequently, has a positive effect on narrowing the rural-urban income or consumption gap. Urban labor …

signficantly faster pace for older households, when compared with younger age groups. In contrast, we find t hat a higher … - relative to older borrowers has played a major role in easing the debt repayment burden in the presence of large income shocks …. Notwithstanding historically low interest rates, we show that income shocks are the main factor contributing to mortgage repayment …