Financial Market Imperfection and Home Ownership: A Comparative Study

31 Pages Posted: 26 Jun 2002

See all articles by Maria Concetta Chiuri

Maria Concetta Chiuri

CSEF - University of Naples Federico II; Università degli Studi di Bari; CSEF - University of Naples Federico II - Centre for Studies in Economics and Finance (CSEF)

Tullio Jappelli

University of Naples Federico II - Department of Economics and Statistics; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI); Center for Studies in Economics and Finance - CSEF; CSEF - University of Naples Federico II - Centre for Studies in Economics and Finance (CSEF)

Multiple version iconThere are 2 versions of this paper

Date Written: January 2002

Abstract

We explore the determinants of the distribution of owner occupancy rates across age groups using a collection of microeconomic data on fourteen OECD countries. In most, the survey is repeated over time. This allows us to construct an international dataset, merging data on 39 national household surveys with aggregate data on down payment ratios. We find strong evidence that the availability of mortgage finance - as measured by down payment ratios - affects the distribution of owner occupancy rates across age groups, especially at the young end. The results are consistent with previous theoretical models and have important implications for the debate on the relation between saving and growth.

Keywords: Home ownership, financial markets

JEL Classification: G2, R2

Suggested Citation

Chiuri, Maria Concetta and Jappelli, Tullio, Financial Market Imperfection and Home Ownership: A Comparative Study (January 2002). Available at SSRN: https://ssrn.com/abstract=312003 or http://dx.doi.org/10.2139/ssrn.312003

Maria Concetta Chiuri

CSEF - University of Naples Federico II ( email )

CSEF
84084 Fisciano, Salerno
Italy
+39 080 504 9340 (Phone)
+39 080 504 9149 (Fax)

Università degli Studi di Bari ( email )

Piazza Umberto I
70124 Bari, 70121
Italy

CSEF - University of Naples Federico II - Centre for Studies in Economics and Finance (CSEF) ( email )

Via Cintia
Complesso Monte S. Angelo
Naples, Naples 80126
Italy

Tullio Jappelli (Contact Author)

University of Naples Federico II - Department of Economics and Statistics ( email )

Via Cintia - Monte S. Angelo
Napoli, 80126
Italy

HOME PAGE: http://www.csef.it/people/jappelli.htm

Centre for Economic Policy Research (CEPR)

London
United Kingdom

HOME PAGE: http://www.cepr.org/researchers/details/rschcontact.asp?IDENT=106354

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

Center for Studies in Economics and Finance - CSEF ( email )

Via Cintia - Monte S. Angelo
Napoli, 80126
Italy

HOME PAGE: http://www.csef.it/people/jappelli.htm

CSEF - University of Naples Federico II - Centre for Studies in Economics and Finance (CSEF) ( email )

Via Cintia
Complesso Monte S. Angelo
Naples, Naples 80126
Italy

HOME PAGE: http://www.csef.it/people/jappelli.htm

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