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Do the elderly reduce housing equity? An international comparison

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  • Chiuri, Maria Concetta
  • Jappelli, Tullio

Abstract

We explore the pattern of elderly homeownership using microeconomic surveys of 15 OECD countries, merging 60 national household surveys on about 300,000 individuals. In all countries the survey is repeated over time, permitting construction of an international dataset of repeated cross-sectional data. We find that ownership rates decline considerably after age 60 in all countries. However, a large part of the decline depends on cohort effects. Adjusting for them, we find that ownership rates start falling after age 70 and reach a percentage point per year decline after age 75. We find that differences across country ownership trajectories are correlated with indicators measuring the degree of market regulations.

Suggested Citation

  • Chiuri, Maria Concetta & Jappelli, Tullio, 2008. "Do the elderly reduce housing equity? An international comparison," CFS Working Paper Series 2008/20, Center for Financial Studies (CFS).
  • Handle: RePEc:zbw:cfswop:200820
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    More about this item

    Keywords

    Homeownership; Wealth Decumulation; Aging;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis

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