Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/202875
Authors: 
Hviid, Simon Juul
De Stefani, Alessia
Year of Publication: 
2019
Series/Report no.: 
Danmarks Nationalbank Working Papers 135
Abstract: 
We study the effect of house price developments on home-equity extraction and household expenditure, exploiting data covering the population of Danish homeowners between 2009 and 2016. Our findings indicate that house price increases affect home-equity extraction - and more so for homeowners close to their borrowing limits. Furthermore, the effect of house prices on expenditure is entirely driven by home-equity extraction. Our results indicate that the mortgage system plays an important role for the transmission of housing wealth increases to the real economy.
Subjects: 
Mortgage decisions
house prices
origin-push migration
JEL: 
D12
D14
R32
Document Type: 
Working Paper

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