Intro -- Contents -- I. INTRODUCTION -- II. HAVE SAVING RATES REALLY FALLEN? -- III. LIKELY IMPACT OF FINANCIAL INNOVATION AND LIBERALIZATION ON HOME EQUITY WITHDRAWAL ( HEW) AND SAVING -- IV. TRENDS IN HEWAND HOUSEHOLD SAVING ACROSS COUNTRIES -- V. HOW DOES HEW AFFECT HOUSEHOLD SAVING? -- VI....

Intro -- Contents -- I. Introduction -- II. Household Data on Wealth and Consumption -- III. Capital Markets in Europe and Household Portfolios -- IV. The Life-Cycle Model of Consumption -- V. The Basic Model -- VI. Empirical Results -- VII. Conclusion -- Appendix: Data and Constructed Variables...

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