Arbeitspapier
Mortgage indebtedness and household financial distress
Using comparable survey data from twelve European countries from 1994 to 2001 we investigate households’ attitudes towards mortgage indebtedness. We find that a given debt burden creates much higher distress in countries with fewer mortgage holders relative to countries where a significant part of households uses mortgage debt. This effect is net of ppp-adjusted income levels, various socioeconomic characteristics, housing traits, country-specific constant terms, and household unobserved heterogeneity. We show that households evaluate their own debt burden partly in comparison with the debt position of their peer group and in a way consistent with social stigma considerations which lessen in significance as markets expand.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 1156
- Klassifikation
-
Wirtschaft
Consumer Economics: Empirical Analysis
Household Saving; Personal Finance
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Thema
-
credit markets
financial distress
Household finance
Mortgage debt
peer effects
Hypothek
Private Verschuldung
Liquiditätsbeschränkung
Soziale Beziehungen
Kreditmarkt
Marktliquidität
Europa
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Georgarakos, Dimitris
Lojschová, Adriana
Ward-Warmedinger, Melanie
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Georgarakos, Dimitris
- Lojschová, Adriana
- Ward-Warmedinger, Melanie
- European Central Bank (ECB)
Entstanden
- 2010