| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17188 |
| DP17188 House Price Rises and Borrowing to Invest | |
| Peter Levell; Hamish Low | |
| 发表日期 | 2022-04-07 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Household borrowing and spending rise with house prices, particularly for leveraged households, but household spending is not consumption. We propose an alternative borrow-to-invest motive by which house price gains affect household spending on residential investment: rational, leveraged households have an incentive to make additional residential investments when house prices rise. We test this motive by comparing responses in different categories of spending across more and less leveraged households. We find strong evidence of the borrow-to-invest motive in UK data. Credit constraints matter through reducing access to leveraged returns and so reducing lifetime resources, rather than through consumption smoothing. |
| 主题 | Financial Economics |
| 关键词 | House prices Leverage Consumption Home investment |
| URL | https://cepr.org/publications/dp17188 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546184 |
| 推荐引用方式 GB/T 7714 | Peter Levell,Hamish Low. DP17188 House Price Rises and Borrowing to Invest. 2022. |
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