译文（字数 2973）

谁收回了房屋产权，为什么？

安得烈贝尼托

英格兰银行,国际货币基金组织 最终版本2007年7月10号

在许多国家，住宅是典型家庭的占主导地位的金融资产和负债。这是真实的，在美国和英国，家庭资产也很均匀地分散在家庭比许多其他资产。这一点表明，决定撤销或保留在家庭资产是业主重要的决定。此外，总的数据表明，房屋净值的金额收回是有很大波动，对整体经济的潜在的重要意义。但迄今为止，很少知道是什么驱动这些决定。在本文中，在英国从家中提取产权的决定，使用家庭层面的数据。在这一时期，1993至2003年，英国住房市场从一个萧条的状态到一个最显著的繁荣时期。不同的经验也反映在使用住房资产的退出，使其成为一个理想的时期来研究。

外文原文（字符数 10133）

Who Withdraws Housing Equity and Why?

ANDREW BENITO

Bank of England; International Monetary Fund

Final version received 10 July 2007.

    In many countries, housing dominates the typical household's financial assets and liabilities.That is true in the United States and the United Kingdom, where home equity is also more evenly dispersed across households than many other assets.This suggests that the decision to withdraw or retain equity in the home is an important decision for homeowners.Moreover, aggregate data indicate that the sums of home equity that are withdrawn can be large and volatile, with potentially important implications for the aggregate economy.But to date, little is known about what drives these decisions.In this paper, the decision to withdraw equity from the home is studied using household-level data for the United Kingdom.In the period examined, 1993–2003, the UK housing market went from a depressed state to one of its most remarkable booms.That varied experience was also reflected in the use of housing equity withdrawal, making it an ideal period to examine.