-up illiquid savings in the form of home equity, which can be substantial even from a macroeconomic standpoint. For example, U …-ante, effects are unclear. If increased debt repayments crowd-out households' non-mortgage savings, rather than alter their …-to-no change in the accumulation of non-mortgage savings, even five years later when amortization-induced home equity is larger …

United Kingdom. Mortgage market liberalization and innovation should reduce household cash flow and collateral constraints …

.S. household leverage from 2002 to 2006 and the increase in defaults from 2006 to 2008. Employing land topology-based housing …

increase in home equity by existing homeowners is responsible for a significant fraction of both the rise in U.S. household … 2008. Our conservative estimates suggest that home equity-based borrowing added $1.25 trillion in household debt, and …