کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
962245 | 930008 | 2006 | 20 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The down-payment constraint and UK housing market: Does the theory fit the facts?
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper considers empirical implications of the down-payment constraint for the UK housing market. It shows that, at the aggregate-level, models of the housing market with this constraint are consistent with a number of stylized facts. The paper then exploits variation across local housing markets and considers how leverage affects the response of house price inflation to shocks. The evidence, based on data for 147 district-level housing markets for the period 1993-2002, suggests that a large incidence of households with high leverage (loan-to-value ratios) raises the sensitivity of house prices to a shock. This is also consistent with the down-payment constraint model.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Housing Economics - Volume 15, Issue 1, March 2006, Pages 1-20
Journal: Journal of Housing Economics - Volume 15, Issue 1, March 2006, Pages 1-20
نویسندگان
Andrew Benito,