Do the elderly reduce housing equity? An international comparison
AbstractWe explore the pattern of elderly homeownership using microeconomic surveys of 17 OECD countries. In most countries the survey is repeated over time, permitting construction of an international dataset of repeated cross-sectional data, merging 59 national household surveys on about 300,000 individuals. We find that ownership rates decline considerably after age 60 in most countries. However, a large part of the decline depends on cohort effects. Adjusting for this, we find that ownership rates fall after age 70 by about half a percentage point per year. Interestingly, ownership trajectories are quite similar in all countries – except Finland and Canada - and are not correlated with a wide set of indicators that we examine.
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Bibliographic InfoPaper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 158.
Date of creation: 29 May 2006
Date of revision:
Publication status: Forthcoming in Journal of Population Economics
Note: The paper has received the Aldi Hagenaars Memorial Award for the best LIS Working Paper of 2006
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homeownership; wealth decumulation; aging;
Other versions of this item:
- Maria Chiuri & Tullio Jappelli, 2010. "Do the elderly reduce housing equity? An international comparison," Journal of Population Economics, Springer, vol. 23(2), pages 643-663, March.
- G2 - Financial Economics - - Financial Institutions and Services
- R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-06-24 (All new papers)
- NEP-EEC-2006-06-24 (European Economics)
- NEP-URE-2006-06-24 (Urban & Real Estate Economics)
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