| Record ID | marc_loc_2016/BooksAll.2016.part33.utf8:69120196:2620 |
| Source | Library of Congress |
| Download Link | /show-records/marc_loc_2016/BooksAll.2016.part33.utf8:69120196:2620?format=raw |
LEADER: 02620cam a22003377a 4500
001 2005615774
003 DLC
005 20050128114014.0
007 cr |||||||||||
008 050119s2004 mau sb 000 0 eng
010 $a 2005615774
040 $aDLC$cDLC
043 $aa-ja---
050 00 $aHB1
100 1 $aMitchell, Olivia S.
245 10 $aUnlocking housing equity in Japan$h[electronic resource] /$cOlivia S. Mitchell, John Piggott.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2004.
490 1 $aNBER working paper series ;$vworking paper 10340
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 1/19/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"Prior literature on asset patterns among the elderly often overlooks housing wealth as a determinant of retiree wealth, particularly in the Japanese context. Yet releasing equity in housing may be a natural mechanism to boost consumption, reduce public pension liability, and mitigate the demand for long-term care facilities in Japan. Our study evaluates what might be needed to implement reverse mortgages (RMs) in this country. Policies could include exempting RMs from capital gains tax and transactions tax, along with mechanisms to make annuity income flows nontaxable, along with interest rate accruals for RMs. In addition, housing market reforms to enhance information flows would be needed, particularly regarding new and existing housing trades, which could permit the securitization of housing loans and lines of credit. Other improvements in capital markets could also help, including the establishment of reinsurance mechanisms to help lenders offer these reverse mortgages while having some protection against crossover risk. In the Japanese case, demand for RMs will be dampened by declining residential housing values as well as low interest rates and long life expectancies. Nevertheless, we conclude that RMs might be a good way to finance elderly consumption in Japan, particularly against the backdrop of governmental financial stringencies"--National Bureau of Economic Research web site.
650 0 $aHousing$zJapan.
650 0 $aEquity$zJapan.
650 0 $aOlder people$xHousing$zJapan.
700 1 $aPiggott, John.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 10340.
856 40 $uhttp://papers.nber.org/papers/w10340