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Financial vulnerability of mortgage-indebted households in New Zealand - evidence from the Household Economic Survey

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  • Mizuho Kida

    (Reserve Bank of New Zealand)

Abstract

Aggregate household debt more than doubled between 2001 and 2008, alongside similarly rapid increases in house prices. Aggregate data, however, cannot tell us which types of households – by income and assets – have built up the most debt over the period, which is important for assessing their financial vulnerability. This article uses information from the Household Economic Surveys (HES) for 2001, 2004 and 2007 to provide some evidence on this issue. The survey evidence suggests that, overall, financial vulnerability in the household sector did not greatly increase over the period of strong house price rises this decade. Simple modelling suggests that some households would, however, be vulnerable to simultaneous large shocks to house values, interest rates and employment.

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File URL: http://www.rbnz.govt.nz/research_and_publications/reserve_bank_bulletin/2009/2009mar72_1kida.pdf
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Bibliographic Info

Article provided by Reserve Bank of New Zealand in its journal Reserve Bank of New Zealand Bulletin.

Volume (Year): 72 (2009)
Issue (Month): (March)
Pages: 5-12

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Handle: RePEc:nzb:nzbbul:march2009:2

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Financial Vulnerability Assessed Using Microdata
    by Liam Delaney in Geary Behaviour Centre on 2009-05-20 05:22:00
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Cited by:
  1. Marianna Brunetti & Elena Giarda & Costanza Torricelli, 2012. "Is financial fragility a matter of illiquidity? An appraisal for Italian households," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 12061, Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi".
  2. Daan Steenkamp, 2010. "New Zealand’s imbalances in a cross-country context," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 73, pages 37-49, December.
  3. Bernadette Kamleitner & Bianca Hornung & Erich Kirchler, 2010. "Over-indebtedness and the interplay of factual and mental money management: An interview study," Working Papers 34, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research.

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