Housing Equity as a Buffer: Evidence from UK Households
Housing Equity as a Buffer: Evidence from UK Households
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住房公平作为缓冲：来自英国家庭的证据
DOI：
10.2139/ssrn.1008803
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
A. Benito
中科院分区：
文献类型：
--
作者：
A. Benito
提取房屋净值的决定是使用家庭一级的数据为英国，1993年至2003年。在这一时期的高峰期，大约十分之一的房主每年都会撤回股权。本文发现，股权退出决定符合标准生命周期框架和模型的预测，预测其作为财务缓冲。该文件还估计了对房价大幅升值和抵押贷款利率大幅下降的反应。这对货币政策的“抵押品渠道”和信贷渠道模型的规模有影响。
The decision to extract home equity is examined using household-level data for the United Kingdom, 1993 to 2003. At its peak during the period, around one in ten homeowners withdrew equity per year. The paper finds 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. This has implications for the size of the ‘collateral channel’ and credit channel models of monetary policy.