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Housing, Credit and Consumer Expenditure.

Abstract:

Many factors have contributed to the development of credit markets, easing access of households to credit. This paper considers the implications of easier credit for the influence of higher house prices on consumer expenditure. It argues that with poorly developed credit markets, the effect is likely to be negative, but becomes positive as access to housing collateral increases and down-payments for first time home buyers fall in relation to values. The implications for differences between co...

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Authors


John Muellbauer More by this author
Volume:
6782
Series:
C.E.P.R. Discussion Papers
Publication date:
2008
URN:
uuid:c9c7f937-f786-4f38-b7c2-e523f9695722
Local pid:
oai:economics.ouls.ox.ac.uk:14239
Language:
English

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