| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9213 |
| DP9213 The Effect of Housing on Portfolio Choice: A Reappraisal Using French Data | |
| Denis Fougère; Mathilde Poulhès | |
| 发表日期 | 2012-11-11 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Chetty and Szeidl (2012) propose to estimate the effect of housing on portfolio choice by distinguishing between the effect of mortgage debt and the effect of home equity and by endogenizing these two variables. When replicating their study with French data, we obtain similar qualitative results: an increase in mortgage debt(respectively, in home equity) reduces (respectively, raises) stockholding. However, while in the US the wealth effect of holding more home equity is cancelled out by the risk effect of owning a more expensive house, in France the wealth effect dominates the risk effect. We propose some explanations for this discrepancy. |
| 主题 | Financial Economics |
| 关键词 | Housing Mortgage debt Portfolio choice Property value |
| URL | https://cepr.org/publications/dp9213 |
| 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/538047 |
| 推荐引用方式 GB/T 7714 | Denis Fougère,Mathilde Poulhès. DP9213 The Effect of Housing on Portfolio Choice: A Reappraisal Using French Data. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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