Private Transfers, Borrowing Constraints and the Timing of Homeownership
AbstractThe 1991 Italian Survey of Household Income and Wealth contains detailed information on how respondents acquired their main residence and any other real estate. This information is used to estimate the impact of inter vivos transfers on the saving period required to purchase a house and on the value of the house purchased when households have limited access to mortgage markets. It is found that transfers shorten the saving time by about two years and allow households to purchase considerably larger homes. The results have implications for the debate about the source of the relation between aggregate saving and growth.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2050.
Date of creation: Dec 1998
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Other versions of this item:
- Guiso, Luigi & Jappelli, Tullio, 2002. "Private Transfers, Borrowing Constraints and the Timing of Homeownership," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(2), pages 315-39, May.
- Luigi Guiso & Tullio Jappelli, 1999. "Private Transfers, Borrowing Constraints and the Timing of Homeownership," CSEF Working Papers 17, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
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