Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/202009 
Year of Publication: 
2019
Series/Report no.: 
CESifo Working Paper No. 7783
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We study the interplay between tenure decisions, stock market investment and the public social security system. Housing equity not only serves a dual purpose as a consumption good and as an asset, but also provides insurance to buffer various risks in retirement. Our life cycle model captures these links in order to explain why homeownership in Germany is so low. Our simulation results indicate that the public long-term care as well as the pension system reduce the homeownership rate in Germany by 10-15 percentage points.
Subjects: 
homeownership
stock market participation
life-cycle models
long-term care
JEL: 
C61
D15
G11
H55
Document Type: 
Working Paper
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