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Essays on down payment constraint, h...

Wang, Xun.

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Essays on down payment constraint, house price and young people's homeownership behavior.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Essays on down payment constraint, house price and young people's homeownership behavior./
Author:	Wang, Xun.
Description:	138 p.
Notes:	Source: Dissertation Abstracts International, Volume: 71-11, Section: A, page: 4112.
Contained By:	Dissertation Abstracts International71-11A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3425350
ISBN:	9781124253473

Essays on down payment constraint, house price and young people's homeownership behavior.
Wang, Xun.

Essays on down payment constraint, house price and young people's homeownership behavior. - 138 p.

Source: Dissertation Abstracts International, Volume: 71-11, Section: A, page: 4112.

Thesis (Ph.D.)--The Ohio State University, 2010.

Chapter 1 focuses on how changes in the down payment constraint affect the wealth accumulation profile of young households. I solve a life cycle model incorporating housing as a consumption good as well as an investment good. In the model, I simulate the effect of changes in the minimum required down payment rate and changes in the house price level. One hypothesis is that changes in the borrowing constraint influence the relationship between people's first transition age from renting to owning and their saving behavior before owning. Also, changes in the down payment constraint influence the effect of house price on wealth.

ISBN: 9781124253473Subjects--Topical Terms:

1017424
Economics, General.

Essays on down payment constraint, house price and young people's homeownership behavior.
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020 $a 9781124253473
035 $a (UMI)AAI3425350
035 $a AAI3425350
040 $a UMI $c UMI
100 1 $a Wang, Xun. $3 1681881
245 1 0 $a Essays on down payment constraint, house price and young people's homeownership behavior.
300 $a 138 p.
500 $a Source: Dissertation Abstracts International, Volume: 71-11, Section: A, page: 4112.
500 $a Adviser: Donald Haurin.
502 $a Thesis (Ph.D.)--The Ohio State University, 2010.
520 $a Chapter 1 focuses on how changes in the down payment constraint affect the wealth accumulation profile of young households. I solve a life cycle model incorporating housing as a consumption good as well as an investment good. In the model, I simulate the effect of changes in the minimum required down payment rate and changes in the house price level. One hypothesis is that changes in the borrowing constraint influence the relationship between people's first transition age from renting to owning and their saving behavior before owning. Also, changes in the down payment constraint influence the effect of house price on wealth.
520 $a With a panel data set for youth age 20-33 for the years between 1996 and 1999, I conduct an empirical analysis to test the above hypotheses. By comparing my empirical results with a previous study focused on U.S. youth for the years 1985 through 1990, I find that the effect of the "probability of owning", as well as the direct impact of house price on wealth, has been reduced and becomes much less significant.
520 $a Chapter 2 focuses on the effect of house price risks on young people's homeownership behavior, via relaxing the down payment constraint. Extended from the model in the first chapter, I explicitly incorporate the stochastic path of house prices in the analysis. And I simulate the effect of house price risks on people's first transition age from renters to owners and on the homeownership rate. I find house price risks have a positive effect on young people's homeownership propensities. Moreover, relaxation of the down payment constraint will amplify this positive effect.
520 $a I conduct an empirical test with U.S. young households age 20-33 for the years between 1989 and 2000. I find that when controlling for state dummy variables, house price risk has a positive effect on young people's homeownership propensities. And this effect is bigger in the late 1990s with a relaxed down payment constraint than it is in an earlier period with a higher down payment requirement.
590 $a School code: 0168.
650 4 $a Economics, General. $3 1017424
690 $a 0501
710 2 $a The Ohio State University. $b Economics. $3 1673045
773 0 $t Dissertation Abstracts International $g 71-11A.
790 1 0 $a Haurin, Donald, $e advisor
790 $a 0168
791 $a Ph.D.
792 $a 2010
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3425350