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Private Household Debt in Europe and the Importance of an Effective Insolvency Law

Author

Listed:
  • Marcus Drometer
  • Katrin Oesingmann

Abstract

Overall, the debt ratios of private households in most EU countries have risen sharply in recent years. Lasting private household debt can negatively impact the economy as a whole if the debt overload is so high that it constrains private consumption and leads to a drop in GDP. One way of dealing with excessive private household debt is to carry out debt write-offs and restructurings in the context of consumer insolvency laws, but such legislation does not yet exist in all European states.

Suggested Citation

  • Marcus Drometer & Katrin Oesingmann, 2015. "Private Household Debt in Europe and the Importance of an Effective Insolvency Law," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 68(17), pages 59-63, September.
    • Handle: RePEc:ces:ifosdt:v:68:y:2015:i:17:p:59-63
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    More about this item

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)

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