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Financial Markets, Judicial Costs and Housing Tenure: An International Comparison

Author

Listed:
  • Chiuri, Maria Concetta

    (Università di Bari)

  • Jappelli, Tullio

    (CSEF, Università di Salerno and CEPR)

Abstract

This paper explores the determinants of international patterns of housing tenure choice. Up to now, no study has carried out an international comparison in housing tenure using household level data. The Luxembourg Income Study (LIS) provides microeconomic data on fourteen OECD countries. In most of these countries the cross-section is repeated over time. This allows us to construct a truly unique international dataset on over 400,000 households. The dataset also includes selected demographic variables (carefully matched between the different surveys). After controlling for fixed-country effects, cohort effects and calendar time effects, we find strong evidence that different downpayment ratios affect the age-profile of housing tenure, particularly for the young.

Suggested Citation

  • Chiuri, Maria Concetta & Jappelli, Tullio, 2000. "Financial Markets, Judicial Costs and Housing Tenure: An International Comparison," IRISS Working Paper Series 2000-04, IRISS at CEPS/INSTEAD.
  • Handle: RePEc:irs:iriswp:2000-04
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    File URL: http://iriss.ceps.lu/documents/irisswp7.pdf
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    References listed on IDEAS

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    1. Deaton, A., 1997. "Saving and Growth," Papers 180, Princeton, Woodrow Wilson School - Development Studies.
    2. repec:hrv:faseco:30728041 is not listed on IDEAS
    3. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
    4. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    5. Jappelli, Tullio & Pagano, Marco, 2002. "Information sharing, lending and defaults: Cross-country evidence," Journal of Banking & Finance, Elsevier, vol. 26(10), pages 2017-2045, October.
    6. Jaffee, Dwight & Stiglitz, Joseph, 1990. "Credit rationing," Handbook of Monetary Economics,in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 2, chapter 16, pages 837-888 Elsevier.
    7. Tullio Jappelli & Marco Pagano, 1994. "Saving, Growth, and Liquidity Constraints," The Quarterly Journal of Economics, Oxford University Press, vol. 109(1), pages 83-109.
    8. Hayashi, Fumio & Ito, Takatoshi & Slemrod, Joel, 1988. "Housing finance imperfections, taxation, and private saving: A comparative simulation analysis of the United States and Japan," Journal of the Japanese and International Economies, Elsevier, vol. 2(3), pages 215-238, September.
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    Cited by:

    1. Francesco Giavazzi & Alberto Giovannini, 2001. "A More Efficient Financial System for Improved Economic Performance : An Attempt at Identifying the Priorities," Revue d'Économie Financière, Programme National Persée, vol. 62(2), pages 71-81.
    2. Francesco Giavazzi & Alberto Giovannini, 2001. "Un système financier plus efficient pour obtenir de meilleures performances économiques : une tentative d'identification des priorités," Revue d'Économie Financière, Programme National Persée, vol. 62(2), pages 79-91.
    3. Blackburn, McKinley L., 2006. "The impact of internal migration on married couples' earnings in Britain, with a comparison to the United States," ISER Working Paper Series 2006-24, Institute for Social and Economic Research.

    More about this item

    Keywords

    homeownership ; financial markets ; judicial costs;

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