Housing equity as a buffer
Subtitle: evidence from UK households
By: Andrew Benito.
Contributors: Bank of England.
Series: Working paper -- no. 324; Working paper (Bank of England : Online) -- no. 324.
Publisher: Bank of England
Published: 2007
Place of publication: London
Language: eng
Format: Electronic resource
Description: "The decision to extract home equity is examined using household-level data for the United  Kingdom, 1993 to 2003. At its peak during the period, around one in ten homeowners withdrew  equity per year. The paper finds that the equity withdrawal decision conforms to predictions from  the standard life-cycle framework and models that predict its use as a financial buffer. The paper  also estimates responses to the large house price appreciation and significant reductions in  mortgage rates seen during the period. This has implications for the size of the 'collateral  channel' and credit channel models of monetary policy."--Bank of England web site.
Notes: Title from PDF file as viewed on Jan. 28, 2008.

Includes bibliographical references.

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Mode of access: World Wide Web.