Cargando…
Is housing wealth an "ATM"? : the relationship between household wealth, home equity withdrawal, and saving rates /
This paper examines the role increasing personal wealth and home equity withdrawal (HEW) have had in the decline in the personal saving rate in the United States. It does so by comparing the U.S. experience with those of Australia, Canada, and the United Kingdom. Mortgage market liberalization and i...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , |
| Autores Corporativos: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund, Western Hemisphere Dept. and International Capital Markets Dept.,
©2006.
|
| Colección: | IMF working paper ;
WP/06/162. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | This paper examines the role increasing personal wealth and home equity withdrawal (HEW) have had in the decline in the personal saving rate in the United States. It does so by comparing the U.S. experience with those of Australia, Canada, and the United Kingdom. Mortgage market liberalization and innovation should reduce household cash flow and collateral constraints while making housing wealth more liquid as HEW becomes easier over time. Regression analysis indicates the expected negative relationship between U.S. saving and net worth, with a somewhat smaller coefficient than in previous studies. HEW is estimated to have a temporary negative impact on saving of the order of 20 cents on the dollar. |
|---|---|
| Descripción Física: | 1 online resource (25 pages) : illustrations |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 1282590081 9781282590083 9781451984927 1451984928 1462370993 9781462370993 1452722900 9781452722900 9786613822581 6613822582 |
| ISSN: | 2227-8885 ; |