However, a full evaluation of this aspect should 𝗮𝗹𝘀𝗼 𝗰𝗼𝗻𝘀𝗶𝗱𝗲𝗿 𝘁𝗵𝗲 𝗽𝗼𝗹𝗶𝗰𝗶𝗲𝘀' 𝗲𝗳𝗳𝗲𝗰𝘁𝘀 𝗼𝗻 𝗵𝗼𝗺𝗲 𝗽𝗿𝗶𝗰𝗲𝘀, which we see as a promising avenue for further research.

Read more here: www.sciencedirect.com/science/arti...

As family wealth is not equally distributed, there could be 𝗱𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻𝗮𝗹 𝗰𝗼𝗻𝘀𝗲𝗾𝘂𝗲𝗻𝗰𝗲𝘀, to the extent that homeownership has potential long-run wealth benefits.

🏦 𝗡𝗲𝘄 𝗶𝗻𝘀𝗶𝗴𝗵𝘁: 𝗧𝗼 𝗼𝘃𝗲𝗿𝗰𝗼𝗺𝗲 𝘁𝗵𝗲𝘀𝗲 𝗰𝗼𝗻𝘀𝘁𝗿𝗮𝗶𝗻𝘁𝘀, 𝗺𝗼𝗿𝗲 𝗵𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱𝘀 𝘁𝘂𝗿𝗻𝗲𝗱 𝘁𝗼 𝗶𝗻𝘁𝗲𝗿𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝘄𝗲𝗮𝗹𝘁𝗵 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿𝘀 (such as predeath bequests) to finance home purchases.

📉 We find that the average share of 𝗵𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱𝘀 𝘁𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻𝗶𝗻𝗴 𝗶𝗻𝘁𝗼 𝗵𝗼𝗺𝗲𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗱𝗲𝗰𝗹𝗶𝗻𝗲𝗱 from 3.4% to 3.0% after the policies were introduced, with younger and less wealthy households most affected—s𝘂𝗴𝗴𝗲𝘀𝘁𝗶𝗻𝗴 𝘁𝗵𝗮𝘁 𝘁𝗶𝗴𝗵𝘁𝗲𝗿 𝗯𝗼𝗿𝗿𝗼𝘄𝗶𝗻𝗴 𝗰𝗼𝗻𝘀𝘁𝗿𝗮𝗶𝗻𝘁𝘀 𝗽𝗹𝗮𝘆𝗲𝗱 𝗮 𝗿𝗼𝗹𝗲.

🔍 𝗞𝗲𝘆 𝗙𝗶𝗻𝗱𝗶𝗻𝗴𝘀:
✅ Our results suggest that 𝗺𝗮𝗰𝗿𝗼𝗽𝗿𝘂𝗱𝗲𝗻𝘁𝗶𝗮𝗹 𝗽𝗼𝗹𝗶𝗰𝗶𝗲𝘀 𝗰𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗲𝗱 𝘁𝗼 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘀𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗽𝗮𝗿𝘁𝗶𝗮𝗹𝗹𝘆 𝗯𝘆 𝗮 𝘀𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗲𝗳𝗳𝗲𝗰𝘁, whereby households with low income and (family) wealth were less likely to take on potentially unsustainable levels of mortgage debt.

In our latest paper, published in the 𝘑𝘰𝘶𝘳𝘯𝘢𝘭 𝘰𝘧 𝘜𝘳𝘣𝘢𝘯 𝘌𝘤𝘰𝘯𝘰𝘮𝘪𝘤𝘴 with Adrian Bruhin, Andreas Fuster, and Maja Ganarin, we examine how these policies—introduced to strengthen financial stability—affect the probability of households becoming homeowners in Switzerland.