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Author : Neale Kennedy
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.3/5 ( download)
Download or read book Household Saving and Real House Prices written by Neale Kennedy and published by . This book was released on 1994 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gary V. Engelhardt
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)
Download or read book House Prices and Home Owner Saving Behavior written by Gary V. Engelhardt and published by . This book was released on 1995 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the empirical link between house price appreciation and the savings behavior of home owners during the 1980s. The analysis uses household asset and debt data for a sample of under age sixty-five home owning households from the 1984 and 1989 waves of the PSID to construct changes in real household wealth as a measure of household saving behavior. Cross-time and cross-regional variation in housing market conditions are used to identify behavior savings effects. The empirical analysis suggests that the estimated marginal propensity to consume out of real housing capital gains is 0.03 for the median saver household. However, there is an asymmetry in the saving response to both total and unanticipated real housing capital gains. All of the savings offset comes from households that experience real housing capital losses. Households that experience real gains do not change their saving behavior. The existence of this asymmetry casts doubt on the power of changes in house prices to explain the time series path of saving in the U.S.
Author : Askar Darmenov
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (276 download)
Download or read book The Effect of House Prices on Home Owners Savings written by Askar Darmenov and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates the correlation between house prices and home owners savings. The data from Panel Study of Income Dynamics is used to construct a sample of under age 65 home owning households for period of 1999-2005. Results of analysis suggests that on average increasing of house value has negative affect on households savings with magnitude of 4 cents per each dollar. The recent housing market crisis shows that housing wealth is not an absolutely reliable source of financial wealth even though perceived as stable saving instrument. So, actual existence of established relationship might be a source of concern about households financial security. Households who save less in response to housing prices increase are more vulnerable to the crises on the housing market.
Author : Romain Bouis
Publisher : International Monetary Fund
ISBN 13 : 1589064070
Total Pages : 49 pages
Book Rating : 4.5/5 (89 download)
Download or read book Household Deleveraging and Saving Rates: A Cross-Country Analysis written by Romain Bouis and published by International Monetary Fund. This book was released on 2021-10-29 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Historically high household debt in several economies is calling for a deleveraging, but according to some economists, this adjustment can slow GDP growth by weighing on consumption. Using a sample of advanced and emerging market economies, this paper finds evidence of a negative relationship between changes of household debt-to-income ratios and saving rates. This relationship is however asymmetric, being significant only for debt build-ups. Declining debt ratios and saving are significantly related in some economies, but the relationship is driven by consumer credit, not by mortgages. Results therefore suggest that the economic cost associated with household deleveraging may be overestimated and motivate a deleveraging via lower mortgages.
Author : Mr.Marcos Chamon
Publisher : International Monetary Fund
ISBN 13 : 1455211702
Total Pages : 36 pages
Book Rating : 4.4/5 (552 download)
Download or read book Income Uncertainty and Household Savings in China written by Mr.Marcos Chamon and published by International Monetary Fund. This book was released on 2010-12-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U-shaped. We find that rising income uncertainty and pension reforms help explain both of these phenomena. Using a panel of Chinese households covering the period 1989-2006, we document that strong average income growth has been accompanied by a substantial increase in income uncertainty. Interestingly, the permanent variance of household income remains stable while it is the transitory variance that rises sharply. A calibration of a buffer-stock savings model indicates that rising savings rates among younger households are consistent with rising income uncertainty and higher saving rates among older households are consistent with a decline in the pension replacement ratio for those retiring after 1997. We conclude that rising income uncertainty and pension reforms can account for over half of the increase in the urban household savings rate in China since the mid-1990s as well as the U-shaped age-profile of savings.
Author : Eduard Suari Andreu
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Effect of Declining House Prices on Household Savings. A Theoretical and Empirical Study of the Dutch Case written by Eduard Suari Andreu and published by . This book was released on 2015 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper I analyse the effect of a decrease in house prices on the savings of households. The life cycle model predicts that homeowners compensate an unexpected decrease in home equity by increasing their savings, and that the effect becomes stronger as the age of the household increases. To test these hypotheses I use panel data from the Dutch Central Bank Household Survey (DHS) for the period between 2003 and 2013. The results of the econometric analysis show a negative and significant effect on the savings of homeowners of the yearly price change in the second hand housing market. The effect becomes stronger with age and it appears to be asymmetric between positive and negative changes in house prices.However, homeowners do not appear to react neither to self-reported measures of house price changes nor to their own one-year expectations about future house prices. This might be because, on the one hand, households are not consistent in the way they report changes in the price of the own house, and, on the other hand, longer term expectations may be more important than one-year expectations.
Author : Binzhen Wu
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (13 download)
Download or read book House Prices and Household Saving Rate written by Binzhen Wu and published by . This book was released on 2013 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last decade, China's house prices have skyrocketed along with its continually rising household saving rate. Can rising house prices be an important contributor to the increase in household saving rate? Using data from an urban household survey in China, we find that, on average, local house prices do not significantly change household saving rate, regardless of whether housing expenditure is classified as current consumption. When house prices increase, however, households with single male adults, house renters, and owners of homes with below-average value show a significant increase in saving rate. By contrast, households with single female adults and owners of homes with above-average value do not show changes in saving rate.
Author : Rima Turk
Publisher : International Monetary Fund
ISBN 13 : 1513528971
Total Pages : 44 pages
Book Rating : 4.5/5 (135 download)
Download or read book Housing Price and Household Debt Interactions in Sweden written by Rima Turk and published by International Monetary Fund. This book was released on 2015-12-28 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sweden is experiencing double-digit housing price gains alongside rising household debt. A common interpretation is that mortgage lending boosted by expansionary monetary policy is driving up house prices. But theory suggests the value of housing collateral is also important for household’s capacity to borrow. This paper examines the interactions between housing prices and household debt using a three-equation model, finding that household borrowing impacts housing prices in the short-run, but the price of housing is the main driver of the secular trend in household debt over the long-run. Both housing prices and household debt are estimated to be moderately above their long-run equilibrium levels, but the adjustment toward equilibrium is not found to be rapid. Whereas low interest rates have contributed to the recent surge in housing prices, growth in incomes and financial assets play a larger role. Policy experiments suggest that a gradual phasing out of mortgage interest deductibility is likely to have a manageable effect on housing prices and household debt.
Author : Charles Goodhart
Publisher : Oxford University Press
ISBN 13 : 0199204594
Total Pages : 247 pages
Book Rating : 4.1/5 (992 download)
Download or read book House Prices and the Macroeconomy written by Charles Goodhart and published by Oxford University Press. This book was released on 2007 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: House price bubbles, and their aftermath, have become a focus of macro-economic policy concern in most developed countries. This book elucidates the two-way relationship between house-price fluctuations and economic fundamentals. Housing has many features which make it distinct from other assets, like equity. Real estate is not only an asset but also a durable consumption good for households, providing shelter and other housing services. As a result, a house is often the largest and most important asset of households and therefore accounts for a major share of household wealth. Similarly a large share of bank assets is tied to housing values. House price fluctuations may, therefore, have a major effect on economic activity and the soundness of the financial system. Following an introductory chapter, the book is structured into three parts. The first demonstrates the importance of house prices as determinants or indicators of inflation and economic activity. The second focuses on the inter-relationships between bank credit extension and housing prices, and how bubbles can lead to financial crises. The third discusses resultant public policy issues, such as whether, and how, to include housing prices in a general inflation index, and how to restrain the housing/bank credit cycle.
Author : Yukio Noguchi
Publisher : University of Chicago Press
ISBN 13 : 0226590208
Total Pages : 280 pages
Book Rating : 4.2/5 (265 download)
Download or read book Housing Markets in the United States and Japan written by Yukio Noguchi and published by University of Chicago Press. This book was released on 2007-12-01 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although Japan and the United States are the world's leading economies, there are significant differences in the ways their wealth is translated into living standards. A careful comparison of housing markets illustrates not only how living standards in the two countries differ, but also reveals much about saving patterns and how they affect wealth accumulation. In this volume, ten essays discuss the evolution of housing prices, housing markets and personal savings, housing finance, commuting, and the impact of public policy on housing markets. The studies reveal surprising differences in housing investment in the two countries. For example, because down payments in Japan are much higher than in the United States, Japanese tend to delay home purchases relative to their American counterparts. In the United States, the advent of home equity credit may have reduced private saving overall. This book is the first comparison of housing markets in Japan and the United States, and its findings illuminate the effects of housing markets on productivity growth, business investment, and trade.
Author : Josh Ryan-Collins
Publisher : John Wiley & Sons
ISBN 13 : 1509523294
Total Pages : 140 pages
Book Rating : 4.5/5 (95 download)
Download or read book Why Can't You Afford a Home? written by Josh Ryan-Collins and published by John Wiley & Sons. This book was released on 2018-11-26 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the Western world, a whole generation is being priced out of the housing market. For millions of people, particularly millennials, the basic goal of acquiring decent, affordable accommodation is a distant dream. Leading economist Josh Ryan-Collins argues that to understand this crisis, we must examine a crucial paradox at the heart of modern capitalism. The interaction of private home ownership and a lightly regulated commercial banking system leads to a feedback cycle. Unlimited credit and money flows into an inherently finite supply of property, which causes rising house prices, declining home ownership, rising inequality and debt, stagnant growth and financial instability. Radical reforms are needed to break the cycle. This engaging and topical book will be essential reading for anyone who wants to understand why they can’t find an affordable home, and what we can do about it.
Author : Neale Kennedy
Publisher :
ISBN 13 :
Total Pages : 71 pages
Book Rating : 4.:/5 (46 download)
Download or read book Household Savings and Real House Prices written by Neale Kennedy and published by . This book was released on 1994 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : P. J. Boelhouwer
Publisher : IOS Press
ISBN 13 : 9040725942
Total Pages : 220 pages
Book Rating : 4.0/5 (47 download)
Download or read book Home Ownership written by P. J. Boelhouwer and published by IOS Press. This book was released on 2005 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Home ownership sectors in most European countries have grown in size. Whatever assets European households have acquired in recent decades, real estate appears to form a significant element in wealth portfolios. Frequently, national governments have been active in promoting the shift-in tenure balance. The general question pursued in this book is about the gains and losses accruing to individual households by virtue of their position as home owners. The focus, here, is on financial gains and losses. This book is also concerned with the losses, in the form of repayment risk, related to, difficulties that some households may experience in meeting housing loan repayment schedules. The immediate background to this volume is the Conference on Housing Growth and Regeneration. Hosted by the Cambridge Centre for Housing and Planning Research, Department of Land Economy, University of Cambridge, it was held under the auspices of the European Network of Housing Researchers.
Author : Vladimir Klyuev
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (318 download)
Download or read book Is Housing Wealth an "ATM"? written by Vladimir Klyuev and published by . This book was released on 2006 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Susan J. Smith
Publisher : John Wiley & Sons
ISBN 13 : 9781444317985
Total Pages : 648 pages
Book Rating : 4.3/5 (179 download)
Download or read book The Blackwell Companion to the Economics of Housing written by Susan J. Smith and published by John Wiley & Sons. This book was released on 2010-01-22 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Blackwell Companion to the Economics of Housing willhelp students and professionals alike to explore key elements ofthe housing economy: home prices, housing wealth, mortgage debt,and financial risk. Features 24 original essays, including an editorialintroduction and three section overviews Includes 39 world-class authors from a mix of educational andfinancial organizations in the UK, Europe, Australia, and NorthAmerica Broadly-based, scholarly, and accessible, serving students andprofessionals who wish to understand how today’s housingeconomy works Profiles the role and relevance of housing wealth; themismanagement of mortgage debt; and the pitfalls and potential ofhedging housing risk Key topics include: the housing price bubble and crash; thesubprime mortgage crisis in the US and its aftermath; the linksbetween housing wealth, the macroeconomy, and the welfare ofhome-occupiers; the mitigation of credit and housing investmentrisks Specific case studies help to illustrate concepts, along withnew data sets and analyses to illustrate empirical points
Author : Anke Hassel
Publisher : Oxford University Press
ISBN 13 : 0192635824
Total Pages : 432 pages
Book Rating : 4.1/5 (926 download)
Download or read book Growth and Welfare in Advanced Capitalist Economies written by Anke Hassel and published by Oxford University Press. This book was released on 2021-01-14 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth and Welfare in Advanced Capitalist Economies takes stock of the major economic challenges that advanced industrial democracies have faced since the early 1990s and the responses by governments to them. It has three goals: firstly, to further our understanding of how political economies have transformed over the past decades; secondly, to analyse the contribution of governments to these changes, by looking at their growth strategies and thirdly, to highlight and analyse the role of the reforms of welfare systems in this transformative change. In a nutshell, this book maps and provides general understanding of the evolution of growth regimes in advanced capitalist countries. It identifies five main growth regimes in contemporary advanced capitalist economies (three export-led and two domestic demand-led ones). To do so the book combines a supply side approach to economic growth as advocated by the Varieties of Capitalism Literature (OUP, 2001) with a demand side perspective as the recent discussion on growth models has exemplified. It argues that all political economies consist of growth regimes, which are based on a set of institutions that shape the supply side of the economy as well as on demand drivers such as government spending and private consumption. Both supply and demand are heavily shaped by the welfare state which provides for skills through education systems and stimulates demand through high social spending and private pension funds. The book focuses on the analysis of welfare reforms as growth strategies pursued by governments in an era characterised by financialization and the rise of the knowledge economy.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1589066510
Total Pages : 212 pages
Book Rating : 4.5/5 (89 download)
Download or read book IMF Staff Papers, Volume 54, No. 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2007-05-30 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: This issue features a timely paper by Vladimir Klyuev and Paul Mills on the role of personal wealth and home equity withdrawal in the decline in the U.S. saving rate. Lusine Lusinyan and Leo Bonato explain how work absence in 18 European countries affects labor supply and demand. And a paper by Paolo Manasse (University of Bologna) entitled "Deficit Limits and Fiscal Rules for Dummies" examines fiscal frameworks.
