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Journal of Population Economics

, Volume 23, Issue 2, pp 643–663 | Cite as

Do the elderly reduce housing equity? An international comparison

  • Maria Concetta Chiuri
  • Tullio JappelliEmail author
Original Paper

Abstract

We explore the pattern of elderly homeownership using 60 microeconomic surveys on about 300,000 individuals residing in 15 OECD countries. In all countries, the survey is repeated over time, permitting construction of an international dataset of repeated cross-sectional data. We find that ownership rates decline considerably after age 60. However, a large part of the decline depends on cohort effects. Adjusting for them, we find that ownership rates start falling after age 70 and reach a percentage point per year decline after age 75. We find that differences across country ownership trajectories are correlated with indicators measuring market regulation degree.

Keywords

Homeownership Wealth decumulation Aging 

JEL Classification

G2 R2 

Notes

Acknowledgements

We thank for the helpful comments the editor, two anonymous referees, Patrick Bolton, Andrea Brandolini, Janet Gornick, Ailsa Roell, Timothy Smeeding, Ernesto Villanueva, and participants at the CSEF-IGIER Symposium on Economics and Institutions (Anacapri, 24–28 June 2007), the 2007 Aldi Hagenaars Memorial Lecture (Luxembourg, 29 June 2007), and the LWS Final Conference: Enhancing Comparative Research on Household Finance (Bank of Italy, 5–7 July 2007). This work has been supported in part by the European Union under contracts HPRN-CT-2002-00235 (Economics of Aging in Europe–AGE) and by the Italian Ministry of Universities and Research (MUR).

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Copyright information

© Springer-Verlag 2008

Authors and Affiliations

  1. 1.Department of EconomicsUniversity of Bari, CSEFBariItaly
  2. 2.Department of EconomicsUniversity of Naples Federico II, CSEFNaplesItaly

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