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The determinants of Greek household indebtedness and financial stress

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Author Info

  • Theodoros M. Mitrakos

    ()
    (Bank of Greece)

  • George T. Simigiannis

    (Special Advisor to the Bank of Greece)

Abstract

The paper uses data from the household survey conducted by the Bank of Greece in 2007 and investigates how various socioeconomic characteristics of households, such as income and wealth, household size, the age, education level and tenure of employment of the household head, are related with the probability of having a loan, the distribution of the financial stress as is measured by the debt service cost to income ratio, and also with the proper or not servicing of their loans. Most of the characteristics examined were found to be associated with the household’s probability of having a loan. Financial stress tends to decline as household income and net wealth increase, while certain household characteristics were also found to affect households’ capacity to service properly their debt obligations.

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File URL: http://www.bankofgreece.gr/BogEkdoseis/econbull200909.pdf
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Bibliographic Info

Article provided by Bank of Greece, Economic Research Department in its journal Economic Bulletin.

Volume (Year): (2009)
Issue (Month): 32 (May)
Pages: 7-26

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Handle: RePEc:bog:econbl:y:2009:i:32:p:7-26

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Web page: http://www.bankofgreece.gr
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Related research

Keywords: household indebtedness; debt service;

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References

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  1. Sofia Lazaretou, 2004. "Monetary System and Macroeconomic Policy in Greece, 1833-2003," Economic Bulletin, Bank of Greece, Economic Research Department, issue 22, pages 33-65, January.
  2. Panayiotis P. Athanasoglou & Ioannis G. Asimakopoulos & Evangelia A. Georgiou, 2005. "The effect of merger and acquisition announcement on Greek bank stock returns," Economic Bulletin, Bank of Greece, Economic Research Department, issue 24, pages 27-44, January.
  3. Pavlos Petroulas, 2008. "Foreign Direct Investment in Greece: Productivity and Spillover effects," Economic Bulletin, Bank of Greece, Economic Research Department, issue 31, pages 31-48, November.
  4. Theodore M. Mitrakos & Nicholas G. Zonzilos, 2006. "The impact of exogenous shocks on the dynamics and persistence of inflation: a macroeconomic model-based approach for Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 26, pages 37-57, January.
  5. Mitrakos Theodore, 2008. "Child Poverty: Recent Developments and Determinants," Economic Bulletin, Bank of Greece, Economic Research Department, issue 30, pages 57-85, May.
  6. Balfoussia Hiona, 2008. "Stock market integration-the athens exchange in the european financial market," Economic Bulletin, Bank of Greece, Economic Research Department, issue 30, pages 29-55, May.
  7. Panayiotis P. Athanasoglou & Ioannis Asimakopoulos G. & Konstantinos Siriopoulos P., 2006. "External Financing, Growth and capital structure of the firms listed on the Athens Exchange," Economic Bulletin, Bank of Greece, Economic Research Department, issue 26, pages 59-77, January.
  8. Heather D. Gibson, 2005. "Greek Banking Profitability: recent developments," Economic Bulletin, Bank of Greece, Economic Research Department, issue 24, pages 7-25, January.
  9. Panayiotis Kapopoulos & Sophia Lazaretou, 2007. "Foreign bank presence: the experience of South-East European countries during the transition process," Economic Bulletin, Bank of Greece, Economic Research Department, issue 29, pages 7-35, October.
  10. Theodore Mitrakos & Stauros Zografakis, 2005. "The redistributional impact of inflation in Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 24, pages 45-82, January.
  11. Theodore M. Mitrakos & Georgios Th Simigiannis & Panagiota G. Tzamourani, 2005. "Indebtedness of Greek households: evidence from a survey," Economic Bulletin, Bank of Greece, Economic Research Department, issue 25, pages 13-35, AUgust.
  12. Gibson, Heather D. & Lazaretou, Sophia, 2001. "Leading inflation indicators for Greece," Economic Modelling, Elsevier, vol. 18(3), pages 325-348, August.
  13. Theodore M. Mitrakos, 2004. "Education and economic inequalities," Economic Bulletin, Bank of Greece, Economic Research Department, issue 23, pages 27-46, July.
  14. Panayiotis P. Athanasoglou & Sophocles N. Brissimis, 2004. "The effect of mergers and acquisitions on bank efficiency in Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 22, pages 7-31, January.
  15. Ioannis Theodosiou & Konstantinos Pouliakas, 2005. "Socio-economic differences in the job satisfaction of high-paid and low-paid workers in Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 24, pages 83-115, January.
  16. Theodoros S. Papaspyrou, 2004. "EMU strategies for new Member States: the role of Exchange Rate Mechanism II," Economic Bulletin, Bank of Greece, Economic Research Department, issue 23, pages 7-25, July.
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Citations

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Cited by:
  1. Costas N. Kanellopoulos, 2012. "Employment and worker flows during the financial crisis," Economic Bulletin, Bank of Greece, Economic Research Department, issue 36, pages 31-41, April.
  2. Petros M. Migiakis, 2012. "Reviewing the proposals for common bond issuances by the euro-area sovereign under a long-term perspective," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 43-54, December.
  3. Zacharias Bragoudakis & Dimitrios Sideris, 2012. "Do retail gasoline prices adjust symmetrically to crude oil price changes? the case of the Greek oil market," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 7-21, December.
  4. Dimitrios P. Louzis & Aggelos T. Vouldis & Vasilios L. Metaxas, 2010. "Macroeconomic and bank-specific determinants of non-performing loans in Greece: a comparative study of mortgage, business and consumer loan portfolios," Working Papers 118, Bank of Greece.
  5. Costas N. Kanellopoulos, 2012. "The Size and structure of uninsured employment," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 23-41, December.

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