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

Listed author(s):
  • Chiuri, Maria Concetta

    (Università di Bari)

  • Jappelli, Tullio

    (CSEF, Università di Salerno and CEPR)

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.

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Paper provided by IRISS at CEPS/INSTEAD in its series IRISS Working Paper Series with number 2000-04.

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Date of creation: Apr 2000
Publication status: Published in European Economic Review, 2003, vol. 47, pp. 857-875
Handle: RePEc:irs:iriswp:2000-04
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  1. Deaton, A., 1997. "Saving and Growth," Papers 180, Princeton, Woodrow Wilson School - Development Studies.
  2. 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 315-339, May.
  3. repec:hrv:faseco:30728041 is not listed on IDEAS
  4. anonymous, 1996. "Federal Reserve System serves three-tiered mission," Regional Update, Federal Reserve Bank of Atlanta, issue Jan, pages 8-9,12.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. Tullio Jappelli & Marco Pagano, 1994. "Saving, Growth, and Liquidity Constraints," The Quarterly Journal of Economics, Oxford University Press, vol. 109(1), pages 83-109.
  10. Maclennan, Duncan & Muellbauer, John & Stephens, Mark, 1998. "Asymmetries in Housing and Financial Market Institutions and EMU," Oxford Review of Economic Policy, Oxford University Press, vol. 14(3), pages 54-80, Autumn.
  11. anonymous, 1990. "Directors of Federal Reserve banks and branches," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue May, pages 395-409.
  12. anonymous, 1996. "Directors of Federal Reserve Banks and Branches," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue May, pages 469-482.
  13. 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.
  14. anonymous, 1996. "Electronic federal tax payment system: an update," Financial Update, Federal Reserve Bank of Atlanta, issue Oct, pages 1-3.
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