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Identifying the Benefits from Homeownership: A Swedish Experiment / Paolo Sodini, Stijn Van Nieuwerburgh, Roine Vestman, Ulf von Lilienfeld-Toal.
- Format:
- Book
- Author/Creator:
- Sodini, Paolo, 1968-
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w22882.
- NBER working paper series no. w22882
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Identifying the Benefits from Home Ownership
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2016.
- Summary:
- Homeownership is widely stimulated by policy yet its economic effects are poorly understood. We exploit quasi-random variation in homeownership generated by privatization decisions of municipally-owned buildings, and use granular data on demographics, income, housing, financial wealth, and debt that allow us to construct high-quality measures of spending. Homeownership causes wealth building via house price appreciation, increases consumption, and improves consumption smoothing across time and states of the world through a collateral effect. It increases mobility for young households, who move up the property ladder, and amplifies wealth accumulation for older households, who take more risk in their financial portfolio.
- Notes:
- Print version record
- December 2016.
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