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The relation between financial and housing wealth of Dutch households

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Author Info
Hochguertel, S.
Soest, A. van (Tilburg University, Center for Economic Research)

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Abstract

We analyze households' joint investment decisions for financial wealth and homes. In our bivariate censored regression model with endogenous switching, fixed costs or transaction costs are captured by a threshold that has to be passed before the purchase. The model allows for spill-over effects of a binding threshold for one asset on the demand for the other asset. We find that tenure choice affects the level of financial wealth. Our results do not support the view that people first accumulate financial wealth before acquiring homes. This can be due to the absence of down payment constraints in the Netherlands.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 82.

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Date of creation: 1996
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Handle: RePEc:dgr:kubcen:199682

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Find related papers by JEL classification:
C34 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Truncated and Censored Models
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Koning, R.H. & Ridder, G., 1993. "Rent Assistance and Housing Demand," Papers 544, Groningen State, Institute of Economic Research-.
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  2. Alessie, Rob & Lusardi, Annamaria & Kapteyn, Arie, 1995. "Saving and wealth holdings of the elderly," Ricerche Economiche, Elsevier, vol. 49(3), pages 293-314, September. [Downloadable!] (restricted)
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  3. N. Gregory Mankiw & David N. Weil, 1990. "The Baby Boom, The Baby Bust, and the Housing Market," NBER Working Papers 2794, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Donald R. Haurin & Patric H. Hendershott & Susan M. Wachter, 1996. "Expected Home Ownership and Real Wealth Accumulation of Youth," NBER Working Papers 5629, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Louise Sheiner & David N. Weil, 1992. "The Housing Wealth of the Aged," NBER Working Papers 4115, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Vuong, Quang H, 1989. "Likelihood Ratio Tests for Model Selection and Non-nested Hypotheses," Econometrica, Econometric Society, vol. 57(2), pages 307-33, March. [Downloadable!] (restricted)
  7. James Banks & Richard Blundell, 1993. "Household saving behaviour in the UK," IFS Working Papers W93/05, Institute for Fiscal Studies.
  8. Henderson, J Vernon & Ioannides, Yannis M, 1983. "A Model of Housing Tenure Choice," American Economic Review, American Economic Association, vol. 73(1), pages 98-113, March. [Downloadable!] (restricted)
  9. Kessler, Denis & Wolff, Edward N, 1991. "A Comparative Analysis of Household Wealth Patterns in France and the United States," Review of Income and Wealth, Blackwell Publishing, vol. 37(3), pages 249-66, September.
  10. Bresnahan, Timothy F. & Reiss, Peter C., 1991. "Empirical models of discrete games," Journal of Econometrics, Elsevier, vol. 48(1-2), pages 57-81. [Downloadable!] (restricted)
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  1. Hochguertel, S., 1997. "Precautionary motives and portfolio decisions," Discussion Paper 55, Tilburg University, Center for Economic Research. [Downloadable!]
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