How Much Are Car Purchases Driven by Home Equity Withdrawal?
研究发现房屋净值提取对汽车购买的直接作用很小，消费者很少直接用提取的资金买车，但通过缓解信贷约束间接促进了汽车贷款，不过这一渠道仅占汽车购买总量的极小部分。
Abstract Previous research indicates that changes in housing wealth affect consumer spending on cars. We find that home equity extraction plays only a small role in this relationship. Consumers rarely use funds from equity extraction to purchase a car directly, even during the mid‐2000s’ housing boom; this finding holds across three nationally representative household surveys. We find in credit bureau data that equity extraction does lead to a statistically significant increase in auto loan originations, consistent with equity extraction easing borrowing constraints in the auto loan market. This channel, though, accounts for only a tiny share of overall car purchases.