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Exploring Differences in Household Debt Across the United States and Euro Area Countries

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Household debt has played a central role in the global financial crisis, yet our understanding of it remains limited. We put U.S. household leverage in an international perspective, using household-level data for the United States and ten euro area economies. U.S. households have the highest prevalence of collateralized and non-collateralized debt, hold comparatively large amounts, and face higher debt-service burdens despite having higher income. We find that the U.S. economic environment is more conducive to holding debt, primarily because a given level of collateral is associated with higher prevalence and larger amounts of collateralized debt in the United States.

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Paper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 465.

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Date of creation: 09 Jan 2017
Handle: RePEc:sef:csefwp:465
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