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http://hdl.handle.net/10419/63289
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| Title: | | Housing and personal wealth in a global context  |
| Authors: | | Muellbauer, John |
| Issue Date: | | 2007 |
| Series/Report no.: | | Research Paper, UNU-WIDER, United Nations University (UNU) 2007/27 |
| Abstract: | | Housing is the single most important component of personal wealth in most countries. The special characteristics of housing markets are therefore key to understanding personal portfolios, saving, the household distribution of wealth, and the monetary transmission mechanism. This paper discusses how housing markets and institutions differ across countries, paying particular attention to the UK and the EU, but extending its reach as well to other OECD countries such as Japan and emerging market countries such as South Africa. It analyzes how those differences help to create contrasts in the impact on consumption of housing as a component of personal wealth. The impacts of rates of home ownership, credit market characteristics, interest rates, and macroeconomic conditions are studied. Implications for monetary, fiscal, and other policies are discussed. |
| Subjects: | | housing wealth consumption interest rates monetary transmission |
| JEL: | | E21 E40 R31 |
| ISBN: | | 9291909688=978-92-9190-968-1 |
| Document Type: | | Working Paper |
| Appears in Collections: | | WIDER Research Papers, United Nations University (UNU)
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