Nội dung được dịch bởi AI, chỉ mang tính chất tham khảo
Tài sản nhà ở có phải là “Máy rút tiền tự động” không? Mối quan hệ giữa tài sản hộ gia đình, rút vốn thế chấp và tỷ lệ tiết kiệm
Tóm tắt
Bài báo này xem xét vai trò của sự gia tăng tài sản cá nhân và việc rút vốn thế chấp (HEW) trong sự sụt giảm tỷ lệ tiết kiệm cá nhân ở Hoa Kỳ. Bài báo thực hiện so sánh kinh nghiệm của Hoa Kỳ với Australia, Canada và Vương quốc Anh. Sự tự do hóa và đổi mới trong thị trường thế chấp làm giảm áp lực dòng tiền và hạn chế tài sản của các hộ gia đình, đồng thời khiến cho tài sản bất động sản trở nên thanh khoản hơn khi việc rút vốn HEW trở nên dễ dàng hơn theo thời gian. Phân tích hồi quy chỉ ra mối quan hệ tiêu cực như mong đợi giữa tỷ lệ tiết kiệm của Hoa Kỳ và giá trị ròng, với hệ số nhỏ hơn một chút so với các nghiên cứu thực nghiệm trước đó. Sự thay đổi trong việc rút vốn HEW không có tác động đáng kể đến tỷ lệ tiết kiệm của Hoa Kỳ trong ngắn hạn và dài hạn. Theo nghĩa đó, tài sản bất động sản không phải là một “máy rút tiền tự động”.
Từ khóa
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