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Household Sector Borrowing in the Euro Area: A Micro Data Persective

  • Ramon Gomez-Salvador

    ()

  • Adriana Lojschova

    ()

  • Thomas Westermann

    ()

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    This paper uses microdata from the EU-SILC (Statistics on Income and Living Conditions) to generate structural information for the euro area on the incidence of household indebtedness and of the burden to service debt. It distinguishes this incidence according to relevant characteristics such as income, age and employment status, all elements that can be cross-examined in the light of theories such as the life-cycle hypothesis. Overall, income appears as the dominant feature determining the debt status of a household. The paper also examines the evolution of indebtedness and debt service burdens over time and compares it with the US. In general, the results suggest that the macroeconomic implications of indebtedness for monetary transmission and financial stability are not associated with the mean but with the tails of the distribution.

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    File URL: http://www.bcl.lu/fr/publications/cahiers_etudes/58/BCLWP058.pdf
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    Paper provided by Central Bank of Luxembourg in its series BCL working papers with number 58.

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    Length: 40 pages
    Date of creation: Feb 2011
    Date of revision:
    Handle: RePEc:bcl:bclwop:bclwp058
    Contact details of provider: Web page: http://www.bcl.lu/

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    1. Gourinchas, Pierre-Olivier & Parker, Jonathan A, 2000. "Consumption Over the Life-Cycle," CEPR Discussion Papers 2345, C.E.P.R. Discussion Papers.
    2. Oecd, 2005. "Improving Financial Literacy: Analysis of Issues and Policies," Financial Market Trends, OECD Publishing, vol. 2005(2), pages 111-123.
    3. Dániel Holló, 2007. "Household indebtedness and financial stability: Reasons to be afraid?," MNB Bulletin, Magyar Nemzeti Bank (the central bank of Hungary), vol. 2(2), pages 23-30, November.
    4. Georgarakos, Dimitris & Lojschová, Adriana & Ward-Warmedinger, Melanie, 2010. "Mortgage indebtedness and household financial distress," Working Paper Series 1156, European Central Bank.
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