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We develop a formula for user costs of housing on the basis of a neoclassical approach to housing investment which does not impose a perfect capital market assumption. We suggest that the definition for the user costs of housing should be extended by an additional term which mirrors the credit...
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We develop a formula for user costs of housing on the basis of a neoclassical approach to housing investment which does not impose a perfect capital market assumption. We suggest that the definition for the user costs of housing should be extended by an additional term which mirrors the credit...
Persistent link: https://www.econbiz.de/10012991089
Wahrscheinlichkeit Wohneigentum zu besitzen haben. Für die Jahre kurz vor der Immobilienkrise zeigen sie, dass der Erwerb von … Wohneigentum vom laufenden Einkommen unabhängig wird. Die Rede ist von einer verschwindenden Liquiditätsbeschränkung.. - In dieser … kann. Es zeigt sich, dass der durchschnittliche marginale Effekt des Einkommens auf die Wahrscheinlichkeit Wohneigentum zu …
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The propensity to own (rather than to rent) primary residence tends to vary across geographical areas, over time, and among consumer cohorts. This study investigates why that is the case by focusing on the role of borrowing constraints in residential mortgage lending in Korea. In particular, a...
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concentrated in top firms. The model has three central ingredients: (1) Risk-neutral firms behave as if they were risk …-averse because of financial constraints (2) The tax rate of the return on cash is negatively related to firms' effective risk …, the theory suggests that multinational firms' effective risk-aversion was reduced and they had the incentive to increase …
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