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Population Aging and Convergence of Household Credit

Author

Listed:
  • Sever Can

    (International Monetary Fund, 700 19th Street, N.W., Washington, DC 20431, USA)

Abstract

This paper sheds light on the role of population aging in convergence of household credit. Using data from 32 economies over the period of 1995–2015, it shows that household credit tends to converge across countries over time, but aging populations hinder this convergence process. The result is also robust to controlling for various country-specific factors. Focusing on a further breakdown of credit to households, population aging weakens the convergence process in the case of housing loans, while it does not have a pronounced role in convergence of consumer credit. These findings can have implications for macroeconomic and financial policies, given the potential effects of household credit on economic growth and stability.

Suggested Citation

  • Sever Can, 2023. "Population Aging and Convergence of Household Credit," The B.E. Journal of Macroeconomics, De Gruyter, vol. 23(1), pages 497-520, January.
    • Handle: RePEc:bpj:bejmac:v:23:y:2023:i:1:p:497-520:n:10
    DOI: 10.1515/bejm-2022-0048
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    More about this item

    Keywords

    population aging; household credit; consumer credit; housing loans; mortgage; convergence;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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