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The Wealth Position of Hungarian Households based on HFCS

Author

Listed:
  • Anna Boldizsár

    () (Magyar Nemzeti Bank)

  • Zsuzsa Kékesi

    () (Magyar Nemzeti Bank)

  • Balázs Kóczián

    () (Magyar Nemzeti Bank)

  • Balázs Sisak

    () (Magyar Nemzeti Bank)

Abstract

Capturing the unique characteristics of market participants, micro-level statistics have gained significance in recent years, as macro data are not always detailed enough to give sufficient insight into the motivations of households. After the crisis, changes in borrowing attitudes, the subdued improvement in consumption and problems with monthly loan payments focused the attention on micro statistics. This gave rise to widespread demand for a European database on household wealth. Hungary joined the second wave of the survey. Presenting the results of the survey, this article provides a detailed overview of the real and financial wealth of households as well as the distribution and main statistical characteristics of their loans. In addition, we identified the demographic features that influence the saving and borrowing habits of Hungarian households. According to the data obtained, the value of their main residence tends to be the major asset for households: the most frequent motivation behind their saving or borrowing is to acquire or renovate their residential property. Since the majority of households hold a certain size of residential property accordingly, jointly, their net – real and financial – assets can be considered evenly distributed by international standards.

Suggested Citation

  • Anna Boldizsár & Zsuzsa Kékesi & Balázs Kóczián & Balázs Sisak, 2016. "The Wealth Position of Hungarian Households based on HFCS," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 15(4), pages 115-150.
  • Handle: RePEc:mnb:finrev:v:15:y:2016:i:4:p:115-150
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    File URL: http://english.hitelintezetiszemle.hu/letoltes/anna-boldizsar-zsuzsa-kekesi-balazs-koczian-balazs-sisak.pdf
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    References listed on IDEAS

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    1. Luc Arrondel & Laura Bartiloro & Pirmin Fessler & Peter Lindner & Thomas Y. Mathä & Cristiana Rampazzi & Frédérique Savignac & Tobias Schmidt & Martin Schürz & Philip Vermeulen, 2016. "How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey," International Journal of Central Banking, International Journal of Central Banking, vol. 12(2), pages 129-220, June.
    2. Julia Le Blanc & Alessandro Porpiglia & Federica Teppa & Junyi Zhu & Michael Ziegelmeyer, 2014. "Household saving behaviour and credit constraints in the euro area," BCL working papers 93, Central Bank of Luxembourg.
    3. Leo Kaas & Georgi Kocharkov & Edgar Preugschat, 2015. "Wealth Inequality and Homeownership in Europe," CESifo Working Paper Series 5498, CESifo Group Munich.
    4. Lawless, Martina & Lydon, Reamonn & McIndoe-Calder, 2015. "The Financial Position of Irish Households," Quarterly Bulletin Articles, Central Bank of Ireland, pages 66-89, January.
    5. Andreasch Michael & Lindner Peter, 2016. "Micro- and Macrodata: a Comparison of the Household Finance and Consumption Survey with Financial Accounts in Austria," Journal of Official Statistics, Sciendo, vol. 32(1), pages 1-28, March.
    6. Kavonius, Ilja Kristian & Honkkila, Juha, 2013. "Micro and macro analysis on household income, wealth and saving in the euro area," Working Paper Series 1619, European Central Bank.
    7. Fessler, Pirmin & Schürz, Martin, 2015. "Private wealth across European countries: the role of income, inheritance and the welfare state," Working Paper Series 1847, European Central Bank.
    8. Luísa Farinha & Sónia Costa, 2012. "Households’ indebtedness: a microeconomic analysis based on the results of the households’ financial," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
    9. Ph. Du Caju, 2013. "Structure and distribution of household wealth: An analysis based on the HFCS," Economic Review, National Bank of Belgium, issue ii, pages 41-62, September.
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    1. repec:nbp:nbpbik:v:48:y:2017:i:3:p:295-326 is not listed on IDEAS

    More about this item

    Keywords

    income; real wealth; financial wealth; loan; savings; financial assets; households;

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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