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The determinants of household debt and balance sheets in the United Kingdom

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Author Info
Merxe Tudela
Garry Young

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Abstract

Household indebtedness has grown sharply in the United Kingdom in recent years. This paper proposes a framework for understanding this based on a model in which households are assumed to plan their lifetime spending rationally, allowing for bequests to future generations. The model is set up to be consistent with both aggregate and disaggregated balance sheet positions as revealed in the British Household Panel Survey. The paper goes on to outline the effect on debt and balance sheets of changes in interest rates, house prices, preferences and retirement income.

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File URL: http://www.bankofengland.co.uk/publications/workingpapers/wp266.pdf
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Paper provided by Bank of England in its series Bank of England working papers with number 266.

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Handle: RePEc:boe:boeewp:266

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References listed on IDEAS
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  1. Sebastian Barnes & Garry Young, . "The rise in US household debt: assessing its causes and sustainability," Bank of England working papers 206, Bank of England. [Downloadable!]
  2. Miles, David, 1999. "Modelling the Impact of Demographic Change upon the Economy," Economic Journal, Royal Economic Society, vol. 109(452), pages 1-36, January. [Downloadable!] (restricted)
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  3. Becker, Gary S & Mulligan, Casey B, 1997. "The Endogenous Determination of Time Preference," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 729-58, August.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Herrala, Risto & Kauko, Karlo, 2007. "Household loan loss risk in Finland – estimations and simulations with micro data," Research Discussion Papers 5/2007, Bank of Finland. [Downloadable!]
  2. Fernando Nieto, 2007. "The determinants of household credit in Spain," Banco de España Working Papers 0716, Banco de España. [Downloadable!]
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This page was last updated on 2009-11-27.

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