全球智库信息集成服务系统(G2TT): DP10934 The Distribution of Debt Across Euro Area Countries: The Role of Individual Characteristics, Institutions and Credit Conditions

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP10934
	DP10934 The Distribution of Debt Across Euro Area Countries: The Role of Individual Characteristics, Institutions and Credit Conditions
	Olympia Bover; Philip Du Caju; Ernesto Villanueva; Sónia Costa; Yvonne McCarthy; Jose Maria Casado; Panagiota Tzamourani; Eva Sierminska; Tibor Zavadil
发表日期	2015-11-15
出版年	2015
语种	英语
摘要	The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding secured debt, the amount of secured debt held and the interest rate paid on the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We use data from the first wave of a new survey of household finances, the Household Finance and Consumption Survey. Adjusting for household composition, we find substantial cross-country variation in secured debt outcomes and in their distribution across age and income groups. Among all the institutions considered, the length of asset repossession periods best accounts for the differences across countries in the distribution of secured debt. In countries with longer repossession periods, the fraction of people who borrow is smaller, the youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low-income households are higher. Regulatory loan-to-value ratios, the taxation of mortgages and the prevalence of fixed-rate mortgages deliver less robust results.
主题	Financial Economics
关键词	Fixed rate mortgages Household debt and interest rate distributions Loan-to-value ratios Taxation Time to foreclose
URL	https://cepr.org/publications/dp10934
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/539764
推荐引用方式 GB/T 7714	Olympia Bover,Philip Du Caju,Ernesto Villanueva,et al. DP10934 The Distribution of Debt Across Euro Area Countries: The Role of Individual Characteristics, Institutions and Credit Conditions. 2015.