05751oam 22014174 450 991096991930332120250426110740.0978661382258197814623709931462370993978145272290014527229009781282590083128259008197814519849271451984928(CKB)3360000000443293(EBL)3014485(SSID)ssj0000941842(PQKBManifestationID)11502210(PQKBTitleCode)TC0000941842(PQKBWorkID)10971817(PQKB)10464861(OCoLC)694141164(IMF)WPIEE2006162(MiAaPQ)EBC3014485(IMF)WPIEA2006162WPIEA2006162(EXLCZ)99336000000044329320020129d2006 uf 0engur|n|---|||||txtccrIs Housing Wealth An 'ATM'? the Relationship Between Household Wealth, Home Equity withdrawal, and Saving Rates /Vladimir Klyuev, Paul Mills1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (27 p.)IMF Working Papers"June 2006."9781451864229 1451864221 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 StatesBanksimfConsumptionimfDepository InstitutionsimfEconomic Development: Urban, Rural, Regional, and Transportation AnalysisimfEconomicsimfFinanceimfFinancial institutionsimfFinancial InstrumentsimfHousing pricesimfHousing Supply and MarketsimfHousingimfIndustries: Financial ServicesimfInfrastructureimfInstitutional InvestorsimfInvestment & securitiesimfInvestments: StocksimfMacroeconomicsimfMacroeconomics: ConsumptionimfMicro Finance InstitutionsimfMortgagesimfNational accountsimfNon-bank Financial InstitutionsimfPension FundsimfPricesimfProperty & real estateimfReal EstateimfSaving and investmentimfSavingimfStocksimfWealthimfUnited StatesimfHome equity conversionSaving and investmentBanksConsumptionDepository InstitutionsEconomic Development: Urban, Rural, Regional, and Transportation AnalysisEconomicsFinanceFinancial institutionsFinancial InstrumentsHousing pricesHousing Supply and MarketsHousingIndustries: Financial ServicesInfrastructureInstitutional InvestorsInvestment & securitiesInvestments: StocksMacroeconomicsMacroeconomics: ConsumptionMicro Finance InstitutionsMortgagesNational accountsNon-bank Financial InstitutionsPension FundsPricesProperty & real estateReal EstateSaving and investmentSavingStocksWealthKlyuev Vladimir1816311Mills Paul1815949International Monetary Fund.International Capital Markets Dept.International Monetary Fund.Western Hemisphere Dept.DcWaIMFBOOK9910969919303321Is Housing Wealth An 'ATM'? the Relationship Between Household Wealth, Home Equity withdrawal, and Saving Rates4372953UNINA