The sensitivity of homeowner leverage to the deductibility of home mortgage interest:
Mortgage interest tax deductibility is needed to treat debt and equity financing of homes equally. Countries that limit deductibility create a debt tax penalty that presumably leads households to shift from debt toward equity financing. The greater the shift, the less is the tax revenue raised by th...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11489 |
| Schlagworte: | |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | Mortgage interest tax deductibility is needed to treat debt and equity financing of homes equally. Countries that limit deductibility create a debt tax penalty that presumably leads households to shift from debt toward equity financing. The greater the shift, the less is the tax revenue raised by the limitation and smaller is its negative impact on housing demand. Measuring the financing response to a legislative change is complicated by the fact that lenders restrict mortgage debt to the value of the house (or slightly less) being financed. Taking this restriction into account reduces the estimated financing response by 20 percent (a 32 percent decline in debt vs a 40 percent decline). The estimation is based on 86,000 newly originated UK loans from the late 1990s. |
| Beschreibung: | 22, 14 S. graph. Darst. |
Internformat
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| spelling | Hendershott, Patric H. Verfasser (DE-588)128736593 aut The sensitivity of homeowner leverage to the deductibility of home mortgage interest Patrick H. Hendershott ; Gwilym Pryce Cambridge, Mass. National Bureau of Economic Research 2005 22, 14 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11489 Mortgage interest tax deductibility is needed to treat debt and equity financing of homes equally. Countries that limit deductibility create a debt tax penalty that presumably leads households to shift from debt toward equity financing. The greater the shift, the less is the tax revenue raised by the limitation and smaller is its negative impact on housing demand. Measuring the financing response to a legislative change is complicated by the fact that lenders restrict mortgage debt to the value of the house (or slightly less) being financed. Taking this restriction into account reduces the estimated financing response by 20 percent (a 32 percent decline in debt vs a 40 percent decline). The estimation is based on 86,000 newly originated UK loans from the late 1990s. Immobilienfinanzierung / Hypothek / Zins / Steuerliches Anrechnungsverfahren / Großbritannien Debt Great Britain Mortgage loans Great Britain Stocks Great Britain Tax deductions Great Britain Großbritannien Pryce, Gwilym B. J. Verfasser (DE-588)13058889X aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11489 (DE-604)BV002801238 11489 http://papers.nber.org/papers/w11489.pdf kostenfrei Volltext |
| spellingShingle | Hendershott, Patric H. Pryce, Gwilym B. J. The sensitivity of homeowner leverage to the deductibility of home mortgage interest National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Immobilienfinanzierung / Hypothek / Zins / Steuerliches Anrechnungsverfahren / Großbritannien Debt Great Britain Mortgage loans Great Britain Stocks Great Britain Tax deductions Great Britain |
| title | The sensitivity of homeowner leverage to the deductibility of home mortgage interest |
| title_auth | The sensitivity of homeowner leverage to the deductibility of home mortgage interest |
| title_exact_search | The sensitivity of homeowner leverage to the deductibility of home mortgage interest |
| title_exact_search_txtP | The sensitivity of homeowner leverage to the deductibility of home mortgage interest |
| title_full | The sensitivity of homeowner leverage to the deductibility of home mortgage interest Patrick H. Hendershott ; Gwilym Pryce |
| title_fullStr | The sensitivity of homeowner leverage to the deductibility of home mortgage interest Patrick H. Hendershott ; Gwilym Pryce |
| title_full_unstemmed | The sensitivity of homeowner leverage to the deductibility of home mortgage interest Patrick H. Hendershott ; Gwilym Pryce |
| title_short | The sensitivity of homeowner leverage to the deductibility of home mortgage interest |
| title_sort | the sensitivity of homeowner leverage to the deductibility of home mortgage interest |
| topic | Immobilienfinanzierung / Hypothek / Zins / Steuerliches Anrechnungsverfahren / Großbritannien Debt Great Britain Mortgage loans Great Britain Stocks Great Britain Tax deductions Great Britain |
| topic_facet | Immobilienfinanzierung / Hypothek / Zins / Steuerliches Anrechnungsverfahren / Großbritannien Debt Great Britain Mortgage loans Great Britain Stocks Great Britain Tax deductions Great Britain Großbritannien |
| url | http://papers.nber.org/papers/w11489.pdf |
| volume_link | (DE-604)BV002801238 |
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