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Households’ Indebtedness and Financial Fragility

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Author Info
Tullio Jappelli () (Università di Napoli Federico II, CSEF, and CEPR)
Marco Pagano () (Università di Napoli Federico II, CSEF, EIEF and CEPR)
Marco di Maggio (MIT)

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Abstract

The paper studies the determinants of international differences in household indebtedness, and inquires whether indebtedness is associated with increased “financial fragility”, as measured by the sensitivity of household arrears and insolvencies to macroeconomic shocks. It also investigates whether financial fragility is affected by institutional factors, such as information sharing arrangements, judicial efficiency and individual bankruptcy regulation. We address these issues by tapping three data sets: (i) cross-country data on household indebtedness; (ii) European panel data for households lending and arrears; and (iii) time series data for household lending and insolvencies in the U.K., the U.S.A. and Germany. Overall, the analysis underscores the importance of institutional arrangements in determining the size and fragility of household credit markets.

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Publisher Info
Paper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 208.

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Date of creation: 15 Oct 2008
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Handle: RePEc:sef:csefwp:208

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Related research
Keywords: household debt; financial fragility; arrears; insolvency; information sharing; judicial efficiency; bankruptcy law;

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Find related papers by JEL classification:
D14 - Microeconomics - - Household Behavior - - - Personal Finance
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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References listed on IDEAS
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  3. Fabbri, Daniela & Padula, Mario, 2004. "Does poor legal enforcement make households credit-constrained?," Journal of Banking & Finance, Elsevier, vol. 28(10), pages 2369-2397, October. [Downloadable!] (restricted)
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  8. Petersen, Mitchell A & Rajan, Raghuram G, 1995. "The Effect of Credit Market Competition on Lending Relationships," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 407-43, May. [Downloadable!] (restricted)
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  9. Dell''Ariccia, Giovanni & Igan, Deniz & Laeven, Luc, 2008. "Credit Booms and Lending Standards: Evidence From The Subprime Mortgage Market," CEPR Discussion Papers 6683, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  14. Jappelli, Tullio & Pagano, Marco, 2002. "Information sharing, lending and defaults: Cross-country evidence," Journal of Banking & Finance, Elsevier, vol. 26(10), pages 2017-2045, October. [Downloadable!] (restricted)
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  15. Martin Brown & Christian Zehnder, 2007. "The Emergence of Information Sharing in Credit Markets," IEW - Working Papers iewwp317, Institute for Empirical Research in Economics - IEW. [Downloadable!]
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  16. Inessa Love & Nataliya Mylenko, 2003. "Credit reporting and financing constraints," Policy Research Working Paper Series 3142, The World Bank. [Downloadable!]
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  19. Martin Brown & Tullio Jappelli & Marco Pagano, 2008. "Information Sharing and Credit: Firm-Level Evidence from Transition Countries," Discussion Papers 3_2008, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy. [Downloadable!]
    Other versions:
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