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Household debt in CESEE economies: a joint look at macro- and micro-level data


  • Aleksandra Riedl

    () (Oesterreichische Nationalbank, Foreign Research Division)


Household debt can constitute a major risk to macrofinancial stability. This paper presents an overview of potential vulnerabilities stemming from household debt in ten Central, Eastern and Southeastern European (CESEE) economies, using the most recently available data. Unlike other papers that only evaluate macrofinancial risks, we take a complementary view on household debt. First, we provide several indicators based on macro-level data that are frequently used to assess macrofinancial risks. Second, we employ unique and newly available data from the OeNB Euro Survey conducted in fall 2017 to arrive at several vulnerability indicators that have not been available for most of the CESEE economies so far. Our analysis does not aim to provide a final risk assessment by evaluating all indicators within an elaborated analytical framework but to highlight the advantages of jointly looking at macro- and microlevel indicators when assessing macrofinancial risks.

Suggested Citation

  • Aleksandra Riedl, 2019. "Household debt in CESEE economies: a joint look at macro- and micro-level data," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q1/19, pages 6-28.
  • Handle: RePEc:onb:oenbfi:y:2019:i:q1/19:b:1

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    References listed on IDEAS

    1. Beck Thorsten & Büyükkarabacak Berrak & Rioja Felix K. & Valev Neven T., 2012. "Who Gets the Credit? And Does It Matter? Household vs. Firm Lending Across Countries," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-46, March.
    2. World Bank, 2017. "Looking for Skills in the Former Yugoslav Republic Macedonia," World Bank Other Operational Studies 27745, The World Bank.
    3. Atif Mian & Amir Sufi, 2011. "House Prices, Home Equity-Based Borrowing, and the US Household Leverage Crisis," American Economic Review, American Economic Association, vol. 101(5), pages 2132-2156, August.
    4. repec:bis:bisqtr:1712f is not listed on IDEAS
    5. Elisabeth Beckmann & Jarko Fidrmuc & Helmut Stix, 2012. "Foreign Currency Loans and Loan Arrears of Households in Central and Eastern Europe," Working Papers 181, Oesterreichische Nationalbank (Austrian Central Bank).
    6. Beck, Thorsten & Levine, Ross & Loayza, Norman, 2000. "Finance and the sources of growth," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 261-300.
    7. Nir Klein, 2013. "Non-Performing Loans in CESEE; Determinants and Impact on Macroeconomic Performance," IMF Working Papers 13/72, International Monetary Fund.
    8. Nicolas Albacete & Peter Lindner, 2013. "Household Vulnerability in Austria – A Microeconomic Analysis Based on the Household Finance and Consumption Survey," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 25, pages 57-73.
    9. Elisabeth Beckmann, 2017. "How does foreign currency debt relief affect households’ loan demand? Evidence from the OeNB Euro Survey in CESEE," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 8-32.
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    More about this item


    bank loans; DSTI; macrofinancial risk; household vulnerabilities; emerging Europe;

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises


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