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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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File URL: http://ejournals.duncker-humblot.de/DH/doi/pdf/10.3790/vjh.78.1.127
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Article provided by DIW Berlin, German Institute for Economic Research in its journal Vierteljahrshefte zur Wirtschaftsforschung.

Volume (Year): 78 (2009)
Issue (Month): 1 ()
Pages: 127-142

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Handle: RePEc:diw:diwvjh:78-1-10
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