Abstract
AbstractThis study examines the effects of home ownership on household stockholdings using Japanese microdata. To disentangle the effect of property value and mortgage debt on households’ stockholdings as a share of financial assets, we use current and time‐of‐purchase house price indices as instruments. Our estimates suggest that an exogenous increase in property value is associated with an increase in stockholdings, while an increase in mortgage debt is associated with a decrease. We also find that a simultaneous increase in property value and mortgage debt has no effect on stockholdings but is associated with an increase in mortgage debt repayment.
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