Housing as Asset Based Welfare: A Comment

Whitehead, Christine

doi:10.13060/23362839.2016.3.1.249

Cited by 5 publications

(3 citation statements)

References 4 publications

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“…Given demographic change towards social ageing, relatively smaller workforces and resultant diminishing public funding and resources, discussions regarding how to make efficient use of private sources of wealth have captured the attention of policymakers (Lennartz & Ronald, 2017;Whitehead, 2016). Housing wealth constitutes the majority of personal savings for old age in most Western countries (Arundel & Hochstenbach, 2020;French, McKillop & Sharma, 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

The UK equity release market: Views from the regulatory authorities, product providers and advisors

Sharma

French

McKillop

2022

International Review of Financial Analysis

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Section: Literature Reviewmentioning

confidence: 99%

The UK equity release market: Views from the regulatory authorities, product providers and advisors

Sharma

French

McKillop

2022

International Review of Financial Analysis

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“…Nonetheless, HABW refers directly to the role of homeownership as a source of income in old age, both in cash and in kind. At the same time, at the individual level, it entails risk, which especially refers to less well-off households (Whitehead, 2016). In regard to the policy area at the government level, implementing HABW also is associated with many obstacles and limitations that are country-specific (Doling and Ronald, 2010a).…”

Section: Related Literaturementioning

confidence: 99%

Mass homeownership policy and economic well-being of the elderly: empirical evidence from the Polish household survey

Marcinkiewicz

Chybalski

2021

IJSSP

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PurposeThe authors’ empirical investigation attempts to identify the nexus between the economic well-being of Polish elderly households and their housing situation, which can be related to the impact of the mass privatization policy implemented in Poland in the early 1990s. The generation who benefited from the process at that time currently includes great majority of people at retirement age who are homeowners.Design/methodology/approachIn the study, the authors employ micro data from the Polish Social Diagnosis household survey and analyze them in a multinomial logistic regression framework. They explore the nexus between both subjective and objective measures of income and housing circumstances.FindingsThe results imply that housing arrangements do not significantly differentiate Polish households in terms of their economic well-being when controlling for other sociodemographic factors. This may result from two independent, but possibly overlapping, reasons. The first is that housing circumstances are quite evenly distributed across elderly population as compared to income. This may be a direct effect of the “(socialist) state legacy,” as in the socialist era there was a strong focus on diminishing income and wealth inequalities in society. The second explanation is that better housing circumstances are not a sufficient means to improve the welfare of the elderly.Originality/valueThe study’s analysis is associated with little investigated area of the welfare effects of homeownership in the old age at the individual level. It explores this issue on the example of Poland, which is a typical representative of the group of post-socialist countries that share a common feature of “state legacy welfare” that is characterized by extensive mortgage-free homeownership.

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“…Our theoretical argument stems from merging insights from three fields of scholarly research. The first is the political economy of housing literature, particularly those that focus on financialization and housing regimes (Aalbers & Christophers, 2014;Kemeny, 2006;Schwartz & Seabrooke, 2008) and debates over how housing wealth is connected to the welfare state (Anderson & Kurzer, 2020;Malpass, 2008;Van Gunten & Kohl, 2020;Whitehead, 2016). Second, we incorporate the CPE literature that focuses on how the organization of the labor market and welfare state impacts income and job transition security (Esping-Andersen, 1990;Hall & Soskice, 2001;Johnston & Regan, 2017;Korpi, 2006).…”

Section: Introductionmentioning

confidence: 99%

It takes two to tango: mortgage markets, labor markets and rising household debt in Europe

Johnston

Fuller

Regan

2020

Review of International Political Economy

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Household mortgage debt unleashed devastating consequences for the global economy in 2007-2008. Despite the growing importance of household debt in financial markets, international political economy and comparative political economy have not theorized why it varies so much across Europe. We argue that variation in household debt can be explained by the intersection of two domestic institutions: labor market institutions (and by extension the welfare state) that enable households to withstand negative employment/income shocks, and mortgage finance institutions that govern households' credit access. We empirically demonstrate via a panel analysis of 17 advanced capitalist democracies that the impact of these institutions on household debt is co-dependent. Strong collective bargaining institutions (and generous welfare states), which protect borrowers from income and employment insecurity, are associated with higher household indebtedness, but only if housing finance institutions that encourage mortgage lending are present (i.e. in Scandinavia and the Netherlands). In contrast, liberal (financialized) economies have comparatively lower household indebtedness because their labor market institutions inhibit income security for borrowers. As household debt becomes more central to comparative political economy, our findings suggest that scholars who study financialization need to integrate labor market (and welfare state) institutions into their analysis to understand how domestic financial systems function.

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Housing as Asset Based Welfare: A Comment

Cited by 5 publications

References 4 publications

The UK equity release market: Views from the regulatory authorities, product providers and advisors

The UK equity release market: Views from the regulatory authorities, product providers and advisors

Mass homeownership policy and economic well-being of the elderly: empirical evidence from the Polish household survey

It takes two to tango: mortgage markets, labor markets and rising household debt in Europe

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