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Debts of Cyprus Households: Lessons from the First Cyprus Survey of Consumer Finances

Author

Listed:
  • Michael Haliassos

    () (Goethe University, Frankfurt)

  • Christis Hassapis

    () (University of Cyprus)

  • Alex Karagrigoriou

    () (University of Cyprus)

  • George Kyriacou

    () (Economic Research Department, Central Bank of Cyprus)

  • Michalis C. Michael
  • George Syrichas

    () (Economic Research Department, Central Bank of Cyprus)

Abstract

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.

Suggested Citation

  • Michael Haliassos & Christis Hassapis & Alex Karagrigoriou & George Kyriacou & Michalis C. Michael & George Syrichas, 2003. "Debts of Cyprus Households: Lessons from the First Cyprus Survey of Consumer Finances," Working Papers 0305, Central Bank of Cyprus.
  • Handle: RePEc:cyb:wpaper:2003-0305
    Note: This paper was published as University of Cyprus Working Paper, 2003-05.
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    File URL: http://www.centralbank.gov.cy/media/pdf/MPRPE_DEBTSHOUSEHOLDS.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. Carol C. Bertaut and Michael Haliassos, 2001. "Revolvers for Self-Control," Computing in Economics and Finance 2001 193, Society for Computational Economics.
    4. 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," Working Papers 0205, Central Bank of Cyprus.
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    Cited by:

    1. Jacobson, David & Mavrikiou, Petroula M. & Minas, Christos, 2010. "Household size, income and expenditure on food: The case of Cyprus," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(2), pages 319-328, April.
    2. Georgia Antoniou & Christiana Argyridou & Michael Haliassos & Alex Karagrigoriou & George Kyriacou & Michalis C. Michael & Maria Papagheorgiou & George Syrichas, 2004. "Assets and Debts of Cyprus Households: Changes between the 1999 and 2002 Cyprus Surveys of Consumer Finances," Working Papers 0412, Central Bank of Cyprus.

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