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Long-Term Care and the Housing Market

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  • David Bell
  • Alasdair Rutherford

Abstract

This paper examines the combined effects of population ageing and changes in long-term care policy on the housing market. Those needing care prefer to receive it at home rather than in institutional settings. Public authorities prefer to provide care in residential settings which are generally lower cost than institutional care. The trend away from institutional provision towards care at home is endorsed by national governments and by the OECD. Nevertheless, as the number requiring care increases, this policy shift will maintain the level of housing demand above what it would otherwise be. It will also have distributional consequences with individuals less likely to reduce their housing equity to pay for institutional care, which in turn will increase the value of their bequests. Empirical analysis using the UK Family Resources Survey and the British Household Panel Survey shows that household formation effects involving those requiring long-term care are relatively weak and unlikely to significantly offset the effects of this policy shift on the housing market and on the distribution of wealth.

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File URL: http://hdl.handle.net/10.1111/10.1111/j.1467-9485.2012.00594.x
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Bibliographic Info

Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

Volume (Year): 59 (2012)
Issue (Month): 5 (November)
Pages: 543-563

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Handle: RePEc:bla:scotjp:v:59:y:2012:i:5:p:543-563

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  1. Hiedemann, Bridget & Stern, Steven, 1999. "Strategic play among family members when making long-term care decisions," Journal of Economic Behavior & Organization, Elsevier, vol. 40(1), pages 29-57, September.
  2. Rainer, Helmut & Siedler, Thomas, 2009. "O brother, where art thou? The effects of having a sibling on geographic mobility and labour market outcomes," Munich Reprints in Economics 19784, University of Munich, Department of Economics.
  3. Axel Borsch-Supan & Daniel L. McFadden & Reinhold Schnabel, 1996. "Living Arrangements: Health and Wealth Effects," NBER Chapters, in: Advances in the Economics of Aging, pages 193-216 National Bureau of Economic Research, Inc.
  4. Liliana E. Pezzin & Robert A. Pollak & Barbara S. Schone, 2006. "Efficiency in Family Bargaining: Living Arrangements and Caregiving Decisions of Adult Children and Disabled Elderly Parents," NBER Working Papers 12358, National Bureau of Economic Research, Inc.
  5. Steven Stern & Maxim Engers, . "Long-Term Care and Family Bargaining," Virginia Economics Online Papers 320, University of Virginia, Department of Economics.
  6. Becker, Gary S, 1981. "Altruism in the Family and Selfishness in the Market Place," Economica, London School of Economics and Political Science, vol. 48(189), pages 1-15, February.
  7. David T. Ellwood & Thomas J. Kane, 1990. "The American Way of Aging: An Event History Analysis," NBER Chapters, in: Issues in the Economics of Aging, pages 121-148 National Bureau of Economic Research, Inc.
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