| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28776 |
| 来源ID | Working Paper 28776 |
| Household Debt Overhang Did Hardly Cause a Larger Spending Fall during the Financial Crisis in Australia | |
| Lars E.O. Svensson | |
| 发表日期 | 2021-05-10 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | The “debt-overhang hypothesis” – that households cut back more on their spending in a crisis when they have higher levels of outstanding mortgage debt (Dynan, 2012) – seems to be taken for granted by macroprudential authorities in several countries in their policy decisions, as well as by the international organizations that evaluate and comment on countries’ macroprudential policy. New results for Australian microdata are presented that reject the debt-overhang hypothesis. The results instead support the “spending-normalization hypothesis” of Andersen, Duus, and Jensen (2016), what can also be called the “debt-financed overspending” hypothesis – that the correlation between high pre-crisis household indebtedness and subsequent spending falls during the crisis reflects high debt-financed spending pre-crisis and a return to normal spending during the crisis. As discussed in Svensson (2019, 2020), this is consistent with the above correlation reflecting debt-financed overspending through what Muellbauer (2012) calls the “housing-collateral household demand” channel and Mian and Sufi (2018) the “credit-driven household demand” channel. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Financial Markets ; Financial Institutions ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w28776 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586450 |
| 推荐引用方式 GB/T 7714 | Lars E.O. Svensson. Household Debt Overhang Did Hardly Cause a Larger Spending Fall during the Financial Crisis in Australia. 2021. |
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| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28776.pdf（633KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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