Who Withdraws Housing Equity and Why?
Who Withdraws Housing Equity and Why?
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DOI：
10.1111/j.1468-0335.2008.00693.x
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发表时间：
2009-02-01
期刊：
影响因子：
1.4
通讯作者：
Benito, Andrew
中科院分区：
文献类型：
--
作者：
Benito, Andrew
提取房屋净值的决定是使用1993-2003年间英国家庭层面的数据进行审查的。在此期间的高峰期，每年约有十分之一的房主提取股本。人们对这一财务决定知之甚少。我发现，股权撤资决定符合标准生命周期框架和模型的预测，这些模型预测它将被用作金融缓冲。该报告还估计了对这一时期房价大幅上涨和抵押贷款利率大幅下降的反应。
The decision to extract home equity is examined using household-level data for the UK over 1993-2003. At its peak during the period, around 1-in-10 homeowners withdraw equity per year. Little is known about this financial decision. I find 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.