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Household sector borrowing in the euro area - a micro data perspective

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  • Adalid, Ramón
  • Lojschová, Adriana
  • Westermann, Thomas
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    Abstract

    This paper uses micro data from the European Union Statistics on Income and Living Conditions (EU-SILC) to generate structural information for the euro area on the incidence of household indebtedness and the debt service burden. It breaks down incidence by characteristics such as income, age and employment status, all features that can be cross-referenced in the light of theories such as the life-cycle hypothesis. Overall, income appears to be the dominant feature determining the debt status of a household. The paper also examines the evolution of indebtedness and debt service burdens over time and compares the situation in the euro area with that in the United States. In general, the results suggest that the macroeconomic implications of indebtedness for monetary transmission and financial stability are not associated with the mean but with the tails of the distribution. JEL Classification: C32, G14

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    File URL: http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp125.pdf
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    Bibliographic Info

    Paper provided by European Central Bank in its series Occasional Paper Series with number 125.

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    Date of creation: Apr 2011
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    Handle: RePEc:ecb:ecbops:20110125

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    Related research

    Keywords: financial vulnerability; household indebtedness; Micro Survey Data; monetary transmission;

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    Cited by:
    1. Piotr Bialowolski & Dorota Weziak-Bialowolska, 2014. "The Index of Household Financial Condition, Combining Subjective and Objective Indicators: An Appraisal of Italian Households," Social Indicators Research, Springer, Springer, vol. 118(1), pages 365-385, August.

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