Did Easy Credit Lead to Overspending? Home Equity Borrowing and Household Behavior in the Early 2000s
Did Easy Credit Lead to Overspending? Home Equity Borrowing and Household Behavior in the Early 2000s
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宽松的信贷是否导致超支？
DOI：
10.2139/ssrn.1520563
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
Daniel H. Cooper
中科院分区：
文献类型：
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作者：
Daniel H. Cooper
本文使用收入动态面板研究（Panel Study of Income Dynamics）的数据，考察了过去10年中家庭的房屋净值提取如何影响其支出和储蓄行为。该研究利用了最近发布的2009年住房和财富数据，以及1999年以来有关家庭支出和资产负债表的广泛数据。结果显示，在房价繁荣的高峰期（2003-2005年），股权提取每增加1美元，家庭支出就会增加14美分。家庭还将21美分的提取资产用于房屋装修和添置，并通过资产负债表重组节省了约19美分的每一美元。2001-2003年和2005-2007年期间的支出、储蓄和住宅投资模式相似。在2001年之前，除了保健和与交通有关的开支外，家庭提取股本来支付开支的证据较少。总的来说，结果与家庭提取股权为必要支出和理想投资提供资金是一致的。
Using data from the Panel Study of Income Dynamics, this paper examines how households' home equity extraction during the previous decade affected their spending and saving behavior.The study makes use of recently released 2009 housing and wealth data as well as the extensive data on household expenditures and balance sheets that are available starting in 1999. The results show that during the height of the house-price boom (the 2003-2005 period) a one-dollar increase in equity extraction led to 14 cents higher household expenditures. Households also spent 21 cents of their extracted equity on home improvements and additions and saved roughly 19 cents of each dollar extracted through balance-sheet reshuffling. The spending, saving, and residential investment patterns are similar during the 2001-to-2003 and 2005-to-2007 periods. There is less evidence of households' extracting equity to fund expenditures prior to 2001, except for health care and transportation-related expenses. Overall, the results are consistent with households' extracting equity to fund necessary expenditures and desired investments.