Arbeitspapier
The Consumption Effects of the 2007-2008 Financial Crisis: Evidence from Household-level Data
Did the financial crisis spread from distressed banks to households through a contraction of the credit supply? We study this question with a dataset that contains observations on all accounts in Danish banks as well as comprehensive information about individual account holders and banks. We show that banks exposed to the financial crisis reduced their credit supply significantly and that their customers reduced both borrowing and consumption relative to customers in non-exposed banks. The credit supply channel can explain roughly one third of the decrease in aggregate private consumption observed in Denmark between 2007 and 2009.
- Language
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Englisch
- Bibliographic citation
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Series: CESifo Working Paper ; No. 5600
- Classification
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Wirtschaft
Consumer Economics: Empirical Analysis
- Subject
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relationship banking
financial crisis
household consumption
household credit
- Event
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Geistige Schöpfung
- (who)
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Jensen, Thais Lærkholm
Johannesen, Niels
- Event
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Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
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Munich
- (when)
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2015
- Handle
- Last update
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10.03.2025, 11:41 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Jensen, Thais Lærkholm
- Johannesen, Niels
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2015
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