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Title:

Housing Wealth, Consumption Channels and Mortgage Liberalization.

Document type:
Zeitschriftenaufsatz
Author(s):
Li, L.; Zhu, Bing
Abstract:
This paper investigates two types of housing wealth effects: conventional housing wealth and collateral. We incorporate home equity extraction (HEE) and the influence of mortgage liberalization into the model in Campbell and Mankiw (1989). Based on U.S. data during the 1977Q1–2019Q4, our empirical results suggest that consumption is remarkably influenced by the use of HEE, rather than home equity. Furthermore, the rapid expansion of mortgage securitization significantly amplifies the collateral...     »
Keywords:
Consumption; Housing Wealth; Home Equity Extraction; Market-Based Mortgage Holdings; Time-Varying Cointegration.
Journal title:
International Real Estate Review
Year:
2020
Journal volume:
23
Journal issue:
4
Pages contribution:
433-465
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