Debts of Cyprus Households: Lessons from the First Cyprus Survey of Consumer Finances
This paper describes the participation of Cyprus households in various types of debt using data from the first (1999) Cyprus Survey of Consumer Finances. It complements the 2001 paper by Haliassos et al. The findings are of interest to policy makers, as they show the extent of household participation in various loans and the indebtedness of various demographic groups. We document the considerable popularity of credit cards as borrowing instruments and a continuing parallel presence of antiquated forms of borrowing. There is surprisingly limited use by the young of mortgages, despite very high home ownership rates, and of car loans, despite high car ownership rates. We find evidence of a strong reliance on family transfers for the financing of higher education, home acquisitions and car purchases by the young. Finally, we note a tendency for Cypriot entrepreneurs to take out large loans from their business for personal use.
|Date of creation:||Mar 2003|
|Note:||This paper was published as University of Cyprus Working Paper, 2003-05.|
|Contact details of provider:|| Web page: http://www.centralbank.gov.cy/nqcontent.cfm?a_id=1|
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ana M. Aizcorbe & Arthur B. Kennickell & Kevin B. Moore, 2003. "Recent changes in U.S. family finances: evidence from the 1998 and 2001 Survey of Consumer Finances," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jan, pages 1-32.
- Carol C. Bertaut & Michael Haliassos, 2001. "Debt Revolvers for Self Control," University of Cyprus Working Papers in Economics 0208, University of Cyprus Department of Economics.
- Carol C. Bertaut and Michael Haliassos, 2001. "Revolvers for Self-Control," Computing in Economics and Finance 2001 193, Society for Computational Economics.
- Michael Haliassos & Christis Hassapis & Alex Karagrigoriou & George Kyriacou & Michalis C. Michael & George Syrichas, 2001.
"Assets of Cyprus Households: Lessons from the First Cyprus Survey of Consumer Finances,"
0205, Central Bank of Cyprus.
- Michael Haliassos & Christis Hassapis & Alex Karagrigoriou & George Kyriacou & George Syrichas & Michalis C. Michael, 2001. "Assets of Cyprus Households: Lessons from the first Cyprus Survey of Consumer Finances," University of Cyprus Working Papers in Economics 0205, University of Cyprus Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:cyb:wpaper:2003-0305. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Maria Nicolaidou)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.