05532oam 22013214 450 991078851890332120230828232543.01-4623-7099-31-4527-2290-01-282-59008-197866138225811-4519-8492-8(CKB)3360000000443293(EBL)3014485(SSID)ssj0000941842(PQKBManifestationID)11502210(PQKBTitleCode)TC0000941842(PQKBWorkID)10971817(PQKB)10464861(OCoLC)694141164(MiAaPQ)EBC3014485(IMF)WPIEE2006162(EXLCZ)99336000000044329320020129d2006 uf 0engur|n|---|||||txtccrIs Housing Wealth An 'ATM'? the Relationship Between Household Wealth, Home Equity withdrawal, and Saving Rates /Vladimir Klyuev, Paul MillsWashington, D.C. :International Monetary Fund,2006.1 online resource (27 p.)IMF Working Papers"June 2006."1-4518-6422-1 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. HAVE SAVING RATES REALLY FALLEN?""; ""III. LIKELY IMPACT OF FINANCIAL INNOVATION AND LIBERALIZATION ON HOME EQUITY WITHDRAWAL ( HEW) AND SAVING""; ""IV. TRENDS IN HEWAND HOUSEHOLD SAVING ACROSS COUNTRIES""; ""V. HOW DOES HEW AFFECT HOUSEHOLD SAVING?""; ""VI. ECONOMETRIC ANALYSIS""; ""VII. RECENT EXPERIENCE OF HEW IN AUSTRALIA AND UNITED KINGDOM: IMPLICATIONS FOR UNITED STATES?""; ""VIII. CONCLUSIONS""; ""APPENDIX""; ""I. FINANCIAL LIBERALIZATION AND MORTGAGE PRODUCT INNOVATION""; ""II. DATA ISSUES""; ""References""This paper examines the role increasing personal wealth and home equity withdrawal (HEW) have had in the decline in the personal saving rate in the United States. It does so by comparing the U.S. experience with those of Australia, Canada, and the United Kingdom. Mortgage market liberalization and innovation should reduce household cash flow and collateral constraints while making housing wealth more liquid as HEW becomes easier over time. Regression analysis indicates the expected negative relationship between U.S. saving and net worth, with a somewhat smaller coefficient than in previous studies. HEW is estimated to have a temporary negative impact on saving of the order of 20 cents on the dollar.IMF Working Papers; Working Paper ;No. 2006/162Home equity conversionUnited StatesSaving and investmentUnited StatesInfrastructureimfInvestments: StocksimfMacroeconomicsimfReal EstateimfIndustries: Financial ServicesimfMacroeconomics: ConsumptionimfSavingimfWealthimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfEconomic Development: Urban, Rural, Regional, and Transportation AnalysisimfHousingimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfHousing Supply and MarketsimfFinanceimfInvestment & securitiesimfProperty & real estateimfStocksimfConsumptionimfHousing pricesimfFinancial institutionsimfNational accountsimfPricesimfSaving and investmentimfEconomicsimfUnited StatesimfHome equity conversionSaving and investmentInfrastructureInvestments: StocksMacroeconomicsReal EstateIndustries: Financial ServicesMacroeconomics: ConsumptionSavingWealthBanksDepository InstitutionsMicro Finance InstitutionsMortgagesEconomic Development: Urban, Rural, Regional, and Transportation AnalysisHousingPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsHousing Supply and MarketsFinanceInvestment & securitiesProperty & real estateStocksConsumptionHousing pricesFinancial institutionsNational accountsPricesSaving and investmentEconomicsKlyuev Vladimir1462057Mills Paul1462058International Monetary Fund.International Capital Markets Dept.International Monetary Fund.Western Hemisphere Dept.DcWaIMFBOOK9910788518903321Is Housing Wealth An 'ATM'? the Relationship Between Household Wealth, Home Equity withdrawal, and Saving Rates3670912UNINA