Riding the Housing Wave: Home Equity Withdrawal and Consumer Debt Composition
利用个人债务月度面板数据，研究发现房价上涨促使房主提取房屋净值来偿还高成本非抵押债务，从而改变债务结构，该效应在债务收入比高且居民文化水平高的地区最为显著。
Abstract Using a monthly panel data set of individuals' debt, we show that house price changes can explain a significant fraction of personal debt composition dynamics. We exploit the variation in local house price growth as shocks to homeowners' housing wealth to study the consequential adjustment of debt portfolio. We present direct evidence that homeowners reoptimize their debt structure by using parts of withdrawn home equity to pay down comparatively expensive nonmortgage debt during a housing boom. The effect is strongest for homeowners that have a high debt‐to‐income ratio and live in a municipality with a high literacy level. We find evidence that macroprudential policy and interest rates are important for consumer debt decisions.