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House price growth, collateral constraints and the accumulation of homeowner debt in the United States
journal contribution
posted on 2023-06-08, 15:05 authored by Richard Disney, John GathergoodUsing household panel data, we present evidence on the relationship between house price growth and household indebtedness among homeowners in the United States for the period 1999 to 2007. We posit an underlying mechanism whereby rising housing wealth allows households to increase their collateralised borrowing. Over the period, we find that roughly one-fifth of the growth in indebtedness among U.S. households can be explained by rising house prices. This housing wealth–indebtedness link is stronger among the minority of households that were initially “collateral constrained.”
History
Publication status
- Published
Journal
The B E Journal of MacroeconomicsISSN
1935-1690Publisher
Walter de GruyterExternal DOI
Issue
1Volume
11Department affiliated with
- Economics Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2013-06-10Usage metrics
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