How Do Housing Wealth, Financial Wealth and Consumption Interact? PDF Download
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Author:
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 35
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Book Description
Author:
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 35
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Book Description
Author: Carlos Caceres
Publisher: International Monetary Fund
ISBN: 1498316476
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
This paper analyzes the existence of “wealth effects” derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID) ?covering about 7,000-9,000 households in the U.S., with the estimations carried over the period 1999-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward.
Author: Mr.Marco Terrones
Publisher: International Monetary Fund
ISBN: 1455233161
Category : Business & Economics
Languages : en
Pages : 56
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Book Description
This paper analyzes the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles in 44 countries for the period 1960:1-2007:4. Our results suggest that there are strong linkages between different phases of business and financial cycles. In particular, recessions associated with financial disruption episodes, notably house price busts, tend to be longer and deeper than other recessions. Conversely, recoveries associated with rapid growth in credit and house prices tend to be stronger. These findings emphasize the importance of developments in credit and housing markets for the real economy.
Author: Mariacristina Rossi
Publisher: Springer
ISBN: 331992558X
Category : Business & Economics
Languages : en
Pages : 135
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Book Description
In almost every country, wealth is predominantly constituted by housing equity, but what are the possible risks and how does wealth accumulation vary across countries? In this timely book, Rossi and Sierminska analyse the complex relationship between gender, wealth and homeownership. By providing a conceptual framework to insert homeownership and housing decisions within an economic rationale, the authors explore how gender and family types have shaped wealth accumulation and homeownership.
Author: Arnold C S. Cheng
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
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Book Description
The objective of this study is to examine the financial market and housing wealth effects on consumption. Housing has the dual functions as both a commodity yielding a flow of housing services and an investment asset yielding a flow of capital income. The findings from this study suggest that a rise in housing price has both a positive wealth effect and a negative price effect on consumption. While the positive wealth effect is caused by an increase in capital income, the negative price effect is caused by an increase in the cost of housing services. In addition, the housing market wealth effect increases, at the expense of the price effect, with the levels of leverage and homeownership of the housing market. These findings imply that the government policy of land supply aiming to stimulate the economy should strike a balance between the possible wealth and price effects of the housing market.
Author: Susan J. Smith
Publisher: John Wiley & Sons
ISBN: 9781444317985
Category : Business & Economics
Languages : en
Pages : 648
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Book Description
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: N. Kundan Kishor
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper uses long-run equilibrium relationship between consumption and different components of wealth to estimate the effect of changes in housing wealth and financial wealth on consumption. By exploiting this long-run property, it has been shown that a dollar increase in housing wealth increases consumption by seven cents, whereas, a corresponding dollar increase in financial wealth increases consumption by only three cents. This difference in the wealth effect arises because transitory shocks dominate variation in financial wealth, whereas permanent shocks account for most of the variation in housing wealth. This paper also shows that the relative importance of permanent component for housing wealth has witnessed an increase over the last thirty years. Therefore, housing wealth effect has also increased over time.
Author: Gaël Brulé
Publisher: Springer
ISBN: 3030055353
Category : Social Science
Languages : en
Pages : 508
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Book Description
This volume examines the impact of wealth on quality of life and subjective well-being (SWB). As wealth is related to economic, environmental and social features of societies, this volume serves as an important resource in understanding economic and SWB. It further discusses a variety of experiences and consequences of inequalities of wealth. Through the availability of wealth data in recent international surveys, this volume explores the multiple relations between wealth and SWB. Structured around four main pillars the book presents analysis of the topic at various levels such as theoretical and conceptual, methodological and empirically, ending with a section on distribution and policies.
Author: Jonathan Skinner
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 56
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Book Description
The recent appreciation in housing value can have large effects on aggregate saving. This paper uses a simulation model to show that aggregate saving will decline substantially if life cycle homeowners spend down their housing windfalls. Homeowners with a bequest motive, however, may save more to assist their children in buying the now more expensive housing. To test whether families spend their housing capital gains, I use housing, income, and consumption data from the Panel Study of Income Dynamics. While a cross-section time-series regression implies that housing wealth does affect saving, a fixed-effects model finds no effect.
Author: Eric S. Belsky
Publisher:
ISBN:
Category : Consumer behavior
Languages : en
Pages : 62
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Book Description
