01845cas a2200253 a 4500 AALejournalIMF004298 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451864229 1018-5941 BD-DhAAL BD-DhAAL Klyuev, Vladimir. Is Housing Wealth An 'ATM'? : The Relationship Between Household Wealth, Home Equity withdrawal, and Saving Rates / Vladimir Klyuev, Paul Mills. Washington, D.C. : International Monetary Fund, 2006. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the role increasing personal wealth and home equity withdrawal (HEW) have had in the decline in the personal saving rate in the United States. It does so by comparing the U.S. experience with those of Australia, Canada, and the United Kingdom. Mortgage market liberalization and innovation should reduce household cash flow and collateral constraints while making housing wealth more liquid as HEW becomes easier over time. Regression analysis indicates the expected negative relationship between U.S. saving and net worth, with a somewhat smaller coefficient than in previous studies. HEW is estimated to have a temporary negative impact on saving of the order of 20 cents on the dollar. Mode of access: Internet Mills, Paul. IMF Working Papers; Working Paper ; No. 2006/162 Full text available on IMF http://elibrary.imf.org/view/journals/001/2006/162/001.2006.issue-162-en.xml IMF e-Library