Factors Influencing Housing Equity Withdrawal: Evidence from a Microeconomic Survey
Factors Influencing Housing Equity Withdrawal: Evidence from a Microeconomic Survey
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影响住房产权提取的因素：来自微观经济调查的证据
DOI：
10.1111/j.1475-4932.2008.00508.x
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发表时间：
2008
期刊：
影响因子：
--
通讯作者：
Tim Hampton
中科院分区：
文献类型：
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作者：
Carl Schwartz;Christine Lewis;D. Norman;Tim Hampton
近年来，一些国家住房权益退出的增加和总储蓄率的下降与住房权益退出的消费平滑模型是一致的。然而，还有其他各种理论模型声称可以解释为什么家庭退出并注入股本。为了评估这些不同理论的相对重要性，我们使用了一项关于澳大利亚家庭股权退出和注入决策的综合调查。我们发现了几种理论的支持。生命周期的考虑似乎是最重要的，年长的家庭占收回的大部分股本。投资组合再平衡的考虑似乎也很重要，金融资产积累是撤出资金的主要用途。促进消费的动机发挥着重要作用，尽管主要是针对价值较小的交易。
The increase in housing equity withdrawal and coincident decline in aggregate savings rates in a number of countries in recent years is consistent with the consumption-smoothing model of housing equity withdrawal. However, there are a variety of other theoretical models that purport to explain why households withdraw and inject equity. To assess the relative importance of these various theories, we use a comprehensive survey of the equity withdrawal and injection decisions of Australian households. We find support for several theories. Life cycle considerations appear to be most important, with older households accounting for the bulk of equity withdrawn. Portfolio rebalancing considerations also appear important, with financial asset accumulation the primary use of withdrawn funds. Consumption-smoothing motives play an influential role, although primarily for smaller-value transactions.