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Genügend Widerstandskraft?: Immobilienfinanzierung und Haushaltsverschuldung in Deutschland, Großbritannien, den Niederlanden und den USA


  • Oleg Badunenko
  • Nataliya Barasinska
  • Dorothea Schäfer


The aim of the study is to assess whether the households in Germany have sufficient financial buffers to overcome the current financial and economic crisis, without getting into financial distress. Against the background of distinct regimes of real estate financing, the economic situation of private households in Germany, Britain, the Netherlands and the United States is evaluated. For this purpose aggregated data and micro household data are used. The findings show a mixed picture. With respect to solvency ratios the households in Germany tend to be more resistant than the households in the comparison countries. However, the current burden on budgets caused by monthly debt service is comparatively large, especially in the lower income quartile. Quick repayment of loans may be responsible for the high burden of German households. The high debt service can impair the households' capacity to absorb an economic shock despite the fact that a quick repayment of loans rather exerts a stabilizing effect in the long run. Die vorliegende Studie zielt auf die Einschätzung der ökonomischen Stabilität der Haushalte in Deutschland ab. Ausgehend von der Betrachtung der unterschiedlichen Immobilienfinanzierungsregime wird anhand aggregierter und disaggregierter Haushaltsdaten die wirtschaftliche und finanzielle Situation der privaten Haushalte in Deutschland, Großbritannien, den Niederlanden und den USA untersucht. Die Befunde zeigen ein gemischtes Bild. Greift man auf die Kennzahlen zum Verschuldungsgrad zurück, so stellen sich die Haushalte in Deutschland tendenziell widerstandsfähiger dar als die Haushalte in den Vergleichsländern. Allerdings ist die laufende Belastung der hiesigen Haushalte mit Immobilienkrediten im Verhältnis zum Einkommen vergleichsweise groß, insbesondere im unteren Einkommensquartil. Die hohe Belastung kann auf eine schnelle Tilgung der Kredite zurückzuführen sein. Bei Absorption ökonomischer Schocks kann dieser Umstand hinderlich sein, obwohl eine schnelle Rückführung der Kredite langfristig eher stabilisierende Wirkung ausübt.

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  • Oleg Badunenko & Nataliya Barasinska & Dorothea Schäfer, 2009. "Genügend Widerstandskraft?: Immobilienfinanzierung und Haushaltsverschuldung in Deutschland, Großbritannien, den Niederlanden und den USA," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 78(1), pages 127-142.
  • Handle: RePEc:diw:diwvjh:78-1-10

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    References listed on IDEAS

    1. Bester, Helmut, 1994. "The Role of Collateral in a Model of Debt Renegotiation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(1), pages 72-86, February.
    2. Amelie Constant & Klaus F. Zimmermann, 2008. "Im Angesicht der Krise: US-Präsidentschaftswahlen in transnationaler Sicht," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 75(44), pages 688-701.
    3. Cunha, Ricardo & Lambrecht, Bart & Pawlina, Grzegorz, 2008. "The Dutch housing market: trends, risks, and outlook," Journal of Financial Transformation, Capco Institute, vol. 22, pages 18-22.
    4. George T Simigiannis & Panagiota Tzamourani, 2007. "Greek household indebtedness and financial stress: results from household survey data," IFC Bulletins chapters,in: Bank for International Settlements (ed.), Proceedings of the IFC Conference on "Measuring the financial position of the household sector", Basel, 30-31 August 2006 - Volume 2, volume 26, pages 157-171 Bank for International Settlements.
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    More about this item


    Consumer finance; mortgage financing; household debt;

    JEL classification:

    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law


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