Housing equity and household consumption in retirement: Evidence from the Singapore Life Panel
We utilize data from the Singapore Life Panel© survey to empirically investigate the impact of housing equity on consumption of elderly households. Based on panel analysis, we find housing equity value has no significant impact on non-durable consumption for elderly people. The conclusion holds for...
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sg-smu-ink.soe_research-32632020-04-02T06:27:59Z Housing equity and household consumption in retirement: Evidence from the Singapore Life Panel CHEN, Lipeng JIANG, Liang PHANG, Sock Yong YU, Jun We utilize data from the Singapore Life Panel© survey to empirically investigate the impact of housing equity on consumption of elderly households. Based on panel analysis, we find housing equity value has no significant impact on non-durable consumption for elderly people. The conclusion holds for a battery of robustness check. Moreover, heterogeneity analyses based on subsamples by age of household head, house type, and number of property possessed also show no significant impact of housing equity on consumption in general. Finally, we use scenario analysis to study the Lease Buyback Scheme (LBS), a novel housing equity monetization scheme which allows elderly households to unlock housing equity for retirement financing. We find LBS increases non-durable consumption by about only 0.69%, which may explain the low take-up rate for the LBS. 2019-05-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/soe_research/2264 https://ink.library.smu.edu.sg/context/soe_research/article/3263/viewcontent/Draft_16_.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Economics eng Institutional Knowledge at Singapore Management University Housing Wealth Elderly Households Monetization Singapore Asian Studies Economics Gerontology Real Estate |
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Housing Wealth Elderly Households Monetization Singapore Asian Studies Economics Gerontology Real Estate CHEN, Lipeng JIANG, Liang PHANG, Sock Yong YU, Jun Housing equity and household consumption in retirement: Evidence from the Singapore Life Panel |
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We utilize data from the Singapore Life Panel© survey to empirically investigate the impact of housing equity on consumption of elderly households. Based on panel analysis, we find housing equity value has no significant impact on non-durable consumption for elderly people. The conclusion holds for a battery of robustness check. Moreover, heterogeneity analyses based on subsamples by age of household head, house type, and number of property possessed also show no significant impact of housing equity on consumption in general. Finally, we use scenario analysis to study the Lease Buyback Scheme (LBS), a novel housing equity monetization scheme which allows elderly households to unlock housing equity for retirement financing. We find LBS increases non-durable consumption by about only 0.69%, which may explain the low take-up rate for the LBS. |
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text |
author |
CHEN, Lipeng JIANG, Liang PHANG, Sock Yong YU, Jun |
author_facet |
CHEN, Lipeng JIANG, Liang PHANG, Sock Yong YU, Jun |
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CHEN, Lipeng |
title |
Housing equity and household consumption in retirement: Evidence from the Singapore Life Panel |
title_short |
Housing equity and household consumption in retirement: Evidence from the Singapore Life Panel |
title_full |
Housing equity and household consumption in retirement: Evidence from the Singapore Life Panel |
title_fullStr |
Housing equity and household consumption in retirement: Evidence from the Singapore Life Panel |
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Housing equity and household consumption in retirement: Evidence from the Singapore Life Panel |
title_sort |
housing equity and household consumption in retirement: evidence from the singapore life panel |
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Institutional Knowledge at Singapore Management University |
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2019 |
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https://ink.library.smu.edu.sg/soe_research/2264 https://ink.library.smu.edu.sg/context/soe_research/article/3263/viewcontent/Draft_16_.pdf |
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