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Getting a Helping Hand: Parental Transfers and First-Time Homebuyers

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  • Maurice J. Roche

    ()
    (Economics Department, National University of Ireland, Maynooth)

  • David Duffy

    ()
    (Economic and Social Research Institute, Dublin, Ireland.)

Abstract

A model that allows for inter vivos intergenerational transfers in a booming housing market is developed. The model is used to explain how transfers effect the first-time homebuyer’s consumption and housing decisions by alleviating borrowing constraints. The general implications of the model are tested using data from the leading Irish mortgage provider. We find that private transfers are targeted towards homebuyers that are liquidity constrained.

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Bibliographic Info

Paper provided by Department of Economics, Finance and Accounting, National University of Ireland - Maynooth in its series Economics, Finance and Accounting Department Working Paper Series with number n1740507.

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Length: 35 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:may:mayecw:n1740507

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Postal: Maynooth, Co. Kildare
Phone: 353-1-7083728
Fax: 353-1-7083934
Web page: http://economics.nuim.ie
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Keywords: Transfers; Housing; Borrowing Constraint;

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References

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  1. 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.
  2. Cox, Donald & Rank, Mark R, 1992. "Inter-vivos Transfers and Intergenerational Exchange," The Review of Economics and Statistics, MIT Press, vol. 74(2), pages 305-14, May.
  3. Cox, Donald & Jappelli, Tullio, 1990. "Credit Rationing and Private Transfers: Evidence from Survey Data," The Review of Economics and Statistics, MIT Press, vol. 72(3), pages 445-54, August.
  4. Cox, Donald & Stark, Oded, 2004. "On The Demand For Grandchildren: Tied Transfers And The Demonstration Effect," Discussion Papers 18751, University of Bonn, Center for Development Research (ZEF).
  5. Duffy, David & FitzGerald, John, 2012. "The Irish Housing Market," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2012(2-Summer).
  6. Olsen, Edgar O, 1969. "A Competitive Theory of the Housing Market," American Economic Review, American Economic Association, vol. 59(4), pages 612-22, Part I Se.
  7. McCoy, Daniel & Duffy, David & Bergin, Adele & Cullen, Joseph, 2004. "Quarterly Economic Commentary, Summer 2004," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20042, September.
  8. Cox, Donald, 1990. "Intergenerational Transfers and Liquidity Constraints," The Quarterly Journal of Economics, MIT Press, vol. 105(1), pages 187-217, February.
  9. Guiso, Luigi & Jappelli, Tullio, 1991. "Intergenerational transfers and capital market imperfections : Evidence from a cross-section of Italian households," European Economic Review, Elsevier, vol. 35(1), pages 103-120, January.
  10. Duffy, David & FitzGerald, John & Kennedy, Kieran A. & Smyth, Diarmaid, 2000. "Quarterly Economic Commentary, March 2000," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20001, September.
  11. repec:ese:iserwp:2004-02 is not listed on IDEAS
  12. Cox, Donald, 1987. "Motives for Private Income Transfers," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 508-46, June.
  13. Engelhardt Gary V., 1994. "House Prices and the Decision to Save for Down Payments," Journal of Urban Economics, Elsevier, vol. 36(2), pages 209-237, September.
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Cited by:
  1. Norifumi Yukutake & Shinichiro Iwata & Takako Idee, 2011. "Strategic Interaction between Inter Vivos Gifts and Housing Acquisition," Global COE Hi-Stat Discussion Paper Series gd11-201, Institute of Economic Research, Hitotsubashi University.

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