Arbeitspapier

Housing equity, saving and debt dynamics over the Great Recession

This paper uses the large and heterogeneous house price shocks in Denmark from 2006-2009 to provide new evidence on the contested determinants of the correlation between house prices and saving. Crucially, to compare the savings behaviour of home-owners who experienced di fferent house price shocks but similar shocks to income expectations, we exploit the structure of the wage setting process in the Danish public sector. We fi nd strong evidence of a causal link between changes in house prices and saving for young and old home-owners, both through a direct wealth eff ect and through housing equity serving as collateral or precautionary wealth.

Sprache
Englisch

Erschienen in
Series: IFS Working Papers ; No. W16/12

Klassifikation
Wirtschaft
Household Saving; Personal Finance
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Macroeconomics: Consumption; Saving; Wealth
Urban, Rural, Regional, Real Estate, and Transportation Economics: Household Analysis: General
Thema
Housing
Saving
Wealth effect
Collateral
Debt dynamics

Ereignis
Geistige Schöpfung
(wer)
Elming, William
Ermler, Andreas
Ereignis
Veröffentlichung
(wer)
Institute for Fiscal Studies (IFS)
(wo)
London
(wann)
2016

DOI
doi:10.1920/wp.ifs.2016.1612
Handle
Letzte Aktualisierung
10.03.2025, 11:45 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Elming, William
  • Ermler, Andreas
  • Institute for Fiscal Studies (IFS)

Entstanden

  • 2016

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