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| Author: | Disney, R. Bridges, S. Gathergood, J. |
| Title: | House price shocks and household indebtedness in the United Kingdom |
| Journal: | Economica
2010 : JUL, VOL. 77:307, p. 472-496 |
| Index terms: | household economics debt prices United Kingdom |
| Language: | eng |
| Abstract: | This study uses household panel data to examine the link between changes in house prices and household indebtedness in the United Kingdom. It is shown that households which are borrowing-constrained by lack of housing equity as collateral make greater use of unsecured debt. Credit cards and personal loans are examples of unsecured debt. Rising house prices relax this constraint. In response to rising house prices, such households are more likely to refinance and to increase their indebtedness relative to unconstrained households. In conclusion, for most households, house price movements appear to have little impact on indebtedness. |
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