Who Withdraws Housing Equity and Why?

被引：32

作者：

Benito, Andrew ^{[1
,2
]}

机构：

[1] Bank England, London, England

[2] Int Monetary Fund, Washington, DC 20431 USA

来源：

ECONOMICA | 2009年 / 76卷 / 301期

关键词：

FINANCIAL LIBERALIZATION; MONETARY-POLICY; CONSUMPTION; MARKETS; WEALTH; PRICES; UK;

D O I：

10.1111/j.1468-0335.2008.00693.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The decision to extract home equity is examined using household-level data for the UK over 1993-2003. At its peak during the period, around 1-in-10 homeowners withdraw equity per year. Little is known about this financial decision. I find that the equity withdrawal decision conforms to predictions from the standard life-cycle framework and models that predict its use as a financial buffer. The paper also estimates responses to the large house price appreciation and significant reductions in mortgage rates seen during the period.

引用

页码：51 / 70

页数：20

共 24 条

[11] Unemployment risk and precautionary wealth: Evidence from households' balance sheets [J].