Notes and Communications |
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Authors: | Anna van der Schors Rob J M Alessie Mauro Mastrogiacomo |
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Institution: | (1) Utrecht School of Economics (USE), Utrecht University, Janskerkhof 12, 3512, BL, Utrecht, The Netherlands;(2) CPB (Netherlands bureau for Economic Policy Analysis), Van Stolkweg 14, P.O. Box 80510, 2508, GM, The Hague, The Netherlands;(3) Vrije Universiteit Amsterdam, De Bodleian 1105, 1081, HV, Amsterdam, The Netherlands |
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Abstract: | Summary The relationship between home ownership of Dutch elderly households and age is strongly negative. Other studies suggest that
this age gradient should be attributed to a cohort effect. In this paper, we investigate where those cohort effects come from.
We also observe that mortgage ownership among elderly home owners increased considerably during the nineties. Using panel
data, we estimate models explaining home and mortgage ownership by age, cohort, and time effects, as well as other factors.
Cohort and time effects are modelled explicitly using macro economic and housing market related variables. We find that the
level of GDP per capita when the household head was young is the main factor explaining generation effects in home ownership
among the elderly. After accounting for cohort effects it also appears that home ownership decreases slightly with age. Mortgage
ownership among elderly home owners rose considerably during the nineties due to house price increases and due to financial
innovation in the mortgage market. Cohort effects are also important. A supplementary analysis suggests that those cohort
effects are due to the fact that the accidental bequest motive is becoming less important.
We thank Maarten van Rooij, Konstantinos Tatsiramos, Casper van Ewijk, Wouter Vermeulen, Frederic Vermeulen, Frank de Jong
and Marcel Lever for their useful comments |
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Keywords: | cohort effects home ownership mortgages |
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