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Mina, Filipa Calado. "Determinants of household debt refinancing in Portugal." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/14197.
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Mestrado em FinançasEste estudo empírico pretende contrinuir para a explicação dos determinantes do refinanciamento da dívida pelos agregados familiares. Apesar da importância atual do refinanciamento, existe um gap de literatura teórica e empírica sobre o mesmo. Este estudo empírico, baseado numa base de dados única proveniente de um gabinete de aconsellhamento de crédito, contribui para prencher esta lacuna, uma vez que descreve as características das famílias que utilizaram os serviços de aconselhamento de crédito e que decidiram recorrer ou não à renegociação da dívida. Além disso, esta pesquisa demonstra uma síntese do enquadramento legal em que o refinanciamento tem sido formalizado em Portugal. Adoptou-se o modelo binário, cuja variavel dependente é a procura do refinanciamento (ou não) da dívida e foram testados vários fatores explicativos: economico-financeiros, socio demograficos e comportamentais. Os resultados sugerem que o rendimento e a riqueza, a educação, a dimensão do agregado familiar e ser mulher influenciam positivamente o recurso à renegociação. Por outro lado, os fatores com influência negativa na probabilidade de renegociação são a capacidade de pagamento, ser divorciado e a idade do representante do agregado familiar.
This research aims to contribute for the explanation of the determinants of the renegotiation of the debt by the households. Contrasting with the actual importance of the debt renegotiation by the households, there is a gap in the theoretical and empirical literature about the issue. This study, based on a unique microdata data set from a Portuguese credit counseling office, contributes to fill that gap because describes the characteristics and analysis the behavior of a set of households that use the credit counselling and decide or not to renegotiate their debt. Moreover, this research also presents a synthesis of the legal framework under which the refinancing is done in Portugal. Adopting a binary model where the dependent variable is renegotiating (or not) the debt, different kind of explanatory factors were tested: economic and financial, socio-demographic and behavioral. The results suggest factors that have a positive contribution to the negotiation: income and wealth, education, family size and being female. By contrary, some other factors are more likely to decrease the probability of renegotiate: ability to pay, being divorced and age of household representative.
info:eu-repo/semantics/publishedVersion
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Lee, Jonghee. "Racial/Ethnic Disparities in Household Debt Repayment." The Ohio State University, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=osu1244055120.
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Cardaci, A. "ESSAYS ON INEQUALITY, HOUSEHOLD DEBT AND FINANCIAL INSTABILITY." Doctoral thesis, Università degli Studi di Milano, 2015. http://hdl.handle.net/2434/328593.
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My Ph.D. thesis contributes to the growing literature on the link between inequality and economic crises, focusing in particular on the relationship between rising income disparities, household debt dynamics and the resulting financial instability. In the first paper, I review both the theoretical and the empirical literature on inequality, by paying particular attention to the way this topic has been treated over time by the economics research agenda. I show that the impact of growing income disparities on the macroeconomy has been ignored for a long period of time, particularly starting from the 80s. Only after the recent financial crisis, the issue of income and wealth distribution has come back on the top of the agenda of economists as well as policymakers. In the other two papers, I build two macroeconomic models that focus on the link between income inequality, household debt and economic crises. The first one is an Agent-Based (AB) macroeconomic model aimed at describing the key mechanisms through which rising inequality jeopardises economic stability in an economy with peer effects in consumption and equity extraction processes. I show that greater income disparities imply stronger expenditure cascades along the income distribution as well as asset (i.e. house) price appreciation. In the presence of home-equity based borrowing behaviour by households, private debt rises thus pushing aggregate demand upwards despite income stagnation over much of the distribution. However, debt-driven consumption endogenously triggers the accumulation of a larger amount of non-performing loans on banks’ balance sheets which eventually lead to a credit crunch and an economic downturn. The second model, a joint work with Francesco Saraceno which I carried out during my visiting period at OFCE-SciencesPo in Paris, is a macroeconomic model with an Agent-Based household sector and a stock-flow consistent structure. The goal of this work is to analyse the impact of rising income inequality on the likelihood of a crisis under different institutional settings and degrees of financialisation. In particular, we reproduce a multitude of scenarios showing how financial and credit conditions interact with the impact of growing inequality on the performance of the economy and the accumulation of household debt. Our results show the relevance of the “degree” of financialisation of an economy. In fact, when inequality grows, a Scyilla and Charybdis kind of dilemma seems to arise: on the one hand, economies with low credit availability experience a drop in aggregate de- mand and output; on the other hand, where credit constraints are relaxed and the willingness to lend is higher, greater financial instability emerges and a debt-driven boom and bust cycle. We also show that policy reactions play a key role: a real structural reform that tackles inequality, by means of a more progressive tax system, actually compensates for the rise in income disparities thereby stabilising the economy. Results also show that this is a much better solution compared to a stronger fiscal policy reaction, which, instead, has no significant impact on the performance of the economy.
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Serov, Ilya. "Three Essays on Household Debt and Aggregate Economic Activity." Thesis, University of Sydney, 2020. https://hdl.handle.net/2123/23513.
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This thesis investigates the relationships between household balance sheets, credit conditions and aggregate economic activity. It is motivated by the increasing importance, both theoretically and in policy formulation, of better understanding the extent to which high household debt burdens represent a macroeconomic vulnerability. The thesis presents empirical evidence on three related research questions in an Australian context. First, it analyses Australian household survey data and examines the relationship between household debt and consumption expenditures. It concludes that the relationship is broadly negative, implying that highly indebted households reduce their spending in subsequent periods. It also concludes that there are significant heterogeneities in the effects of household leverage on consumptions, both in terms of heterogenous effects of high debt burdens, and among different population groups. Secondly, the thesis evaluates the impact of shifting credit conditions on the way Australian households shape their balance sheets. It utilises both survey data and data based on independent expert judgment as a measure of prevalent credit conditions to find strong evidence that Australian households tend to move their balance sheets towards an ‘optimum’ debt- and liquid asset- ratio level. In addition, evidence is uncovered that changes to household liquid asset holdings are negatively correlated with the degree of development of mortgage markets, suggesting that in a more developed institutional setting, households tend to hold lower levels of liquid assets. Thirdly, the thesis includes an investigation of the relative importance of credit conditions and consumer beliefs in explaining fluctuations in the housing market. Employing a non-linear interacted VAR model, it shows that shifts in consumer beliefs about the housing market have asymmetric effects: the effects are much stronger during time of tight credit availability. The thesis sheds additional light on recent theoretical debates regarding the relative importance of household debt, consumer beliefs and credit conditions.
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Rella, Giacomo. "Essays in Applied Macroeconomics." Doctoral thesis, Università di Siena, 2021. http://hdl.handle.net/11365/1143951.
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This dissertation consists of three chapters in applied macroeconomics. The chapter, though independent and self-contained, are linked by the common goal of shedding light on the macroeconomic implications of household and non-financial corporate debt. The first chapter surveys the vast literature on the macroeconomic implications of household debt in the aftermath of the global financial crisis. The second chapter addresses the question of whether monetary policy has affected the housing sector and household debt differently over time in the United States in the last six decades using a medium-scaled vector autoregression model with the-varying parameters. The third chapter explores the macroeconomic effects of borrowing by non-financial corporations.
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Ammerman, David Allen. "Household capital structure and financial resilience: evidence from the Netherlands." Diss., Kansas State University, 2017. http://hdl.handle.net/2097/35240.
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Doctor of PhilosophySchool of Family Studies and Human Services
Maurice M. MacDonald
Since 2008, the effects of the Great Recession have lingered in memory and in public discourse, and have underscored the need to better understand the determinants of financial resilience. Financial resilience refers to the household’s ability to absorb and respond to financial shocks (MacKinnon & Derickson, 2013). A financial shock may be induced by a rapid decline in income or asset values, an increase in expenses, or some combination thereof. Solvency -- the relationship between a household’s assets and liabilities -- is one aspect of financial resilience: maintaining a healthy debt ratio affords a household the opportunity to liquidate assets to meet debt obligations in response to a financial shock. Thus, the practical question which inspired this dissertation was "what is the right amount of debt for the household?" Within the personal finance and consumer economics literature, borrowing and saving -- behaviors which influence household solvency -- are conceptualized in part as functions of individual future orientation. The premise that resources are fungible, however, has led to the characterization of concurrent borrowing and saving as a behavioral anomaly. Corporate finance, by contrast, does not characterize this common practice as an anomaly, but suggests that concurrent borrowing and saving is, in part, a matter of balancing the costs and benefits of debt. However, theories of corporate finance cannot predict or explain how individual future orientation might influence a household’s capital structure. Thus, this dissertation adds to the literature by exploring precisely this question: how does individual future orientation influence household capital structure? The present results suggest, in contrast to the existing body of research, that future orientation is positively associated with an individual’s propensity to use leverage to finance investments; but that within a complex family resource management system, this individual propensity is moderated by the relative bargaining power of the other members of the household.
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De, Stefani Alessia. "Dynamics of debt accumulation : three essays in applied macroeconomics." Thesis, University of Edinburgh, 2017. http://hdl.handle.net/1842/23413.
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Debt and credit markets played a crucial role in recent economic history. This thesis is composed of three chapters, each of which explores some drivers of private and public debt accumulation throughout the past decade. The first two chapters are directly linked, and study some behavioural determinants of household debt accumulation in the United States in the run-up to the 2007-2008 financial crisis. The third chapter takes a different perspective, and focuses on the political economy of fiscal reforms. In the first chapter, I study whether the growth in US household debt ahead of the 2007-2008 financial crisis can be attributed to shifts in the distribution of personal income across the US population. The underlying theoretical mechanism is based on the idea that if individuals are concerned with status, rising income inequality within a given social group might lead its relatively poorer members to consume a larger proportion of their resources, due to a desire to emulate the consumption levels of richer individuals (Duesenberry [1949]; Frank, Levine and Dijk [2014]; Bertrand and Morse [2016]). I test this hypothesis by exploiting state-level variation in top incomes over time, following the methodology proposed by Bertrand and Morse [2016]. The results I present in this chapter challenge the status-emulation theory of consumer behaviour during the 2000s credit boom. I show that, between 1996 and 2007, only low and-middle-income home-owners increased their expenditure and debt-to-income ratios as a response to an increase in income inequality in their state of residence. I also show that the growth in income inequality was strongly correlated with house prices growth, across US states and metropolitan areas. The positive correlation between inequality and household debt in the pre-crisis US might therefore be simply explained by the wealth and collateral effects experienced by low and middle-income home-owners living in areas where inequality was growing at the fastest rates. The lifting of credit constraints due to rising house prices have been a major driver of household debt accumulation ahead of the 2007-2008 financial crisis (Mian and Sufi [2011]). However, this effect might have been coupled with a generalized optimistic belief that the growth in house prices was likely to continue in the future (Case, Shiller and Thompson [2012]). The second chapter therefore tests whether consumers hold realistic expectations about the housing market, and whether this is a driver of their consumption and saving decisions. Using the Michigan Survey of Consumers, I show that American households have heterogeneous expectations about the future of house prices, which systematically depend upon household characteristics, as well as upon the history of past house price realizations in the local area of residence. I also analyze individual-level forecast errors to show that house price expectations are biased and inefficient. Changes in individual forecast errors are predictable from past house price realizations in the local area of residence: in particular, forecast errors are positively correlated with recent price trends, and tend to become overoptimistic in good times, and over-pessimistic in bad ones. The predictability of forecast errors from public information available at the time the forecast was made suggests a violation of full-information rational expectations theory. This systematic bias in house price expectations matters because consumers make financial decisions on the basis of their house price beliefs. By exploiting an exogenous shift in housing sentiment, I show that when individuals expect the value of their properties to rise, they borrow against the anticipated increase in home equity. The third and final chapter shifts the focus to the political drivers of public debt and deficits. Public debt crises often call for the intervention of international financial institutions, such as the International Monetary Fund (IMF). In this chapter, I introduce a new panel dataset on planned fiscal policy prescriptions included in all IMF loans between 2002 and 2012, and use it to study how domestic politics of recipient countries influence the content of IMF lending agreements. I show that IMF policy prescriptions depend strongly on domestic politics and that fiscal conditions are shaped by a political force often neglected in public choice literature: the threat of extra-parliamentary opposition, or civil unrest. Extra-parliamentary opposition (measured as a populations’ propensity to riot and demonstrate) significantly reduces the stringency of fiscal policy conditions attached to IMF loans. It also reduces the number of reforms in the realms of public employment and labor markets. These results suggest that fiscal policy has a strong political component even during circumstances when domestic politics are commonly assumed to cease to matter, as they do in IMF agreements. Also, they suggest that voting is not the only mechanism through which politics enters the technical realm of economic policy.
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Zhao, Jing. "Household debt service burden outlook an exploration on the effect of credit constraints /." Connect to this title online, 2003. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1054650767.
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Thesis (Ph. D.)--Ohio State University, 2003.Title from first page of PDF file. Document formatted into pages; contains xii, 210 p.; also includes graphics (some col.) Includes bibliographical references (p. 203-210). Available online via OhioLINK's ETD Center
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Heer, Joël, and Vigdis Lund. "The effect of Loan-to-Value restrictions on Norwegian household debt." Thesis, Norges teknisk-naturvitenskapelige universitet, Institutt for samfunnsøkonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-25262.
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Household debt has reached record high levels in Norway and is considered to be a threat to the financial stability. To dampen the rapid accumulation of household debt and increasing housing prices, the Financial Supervisory Authority of Norway has introduced loan-tovalue restrictions on mortgages of 90% in March 2010 and 85% in December 2011. This study contributes empirical evidence of the effect of these loan-to-value restrictions on Norwegian household debt. Firstly, we show that there are self-reinforcing effects between housing prices and household debt, using a structural VARX model. Secondly, we extend this particular model and show that the restrictions apparently have failed to dampen household debt on an aggregate level. Thirdly, using a single-equation model for household debt, we provide evidence that the restrictions have slowed down the growth in household debt among young people. This effect, however, has been counteracted by an increase in the older generation’s household debt, which can be explained by (grand)parent financing as well as a higher willingness of holding debt among the elderly. We therefore conclude that loan-to-value restrictions can be seen as a valuable tool for reducing the accumulation of debt among the younger and more sensitive group. They may, however, have limited power to dampen household debt on an aggregate level.
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Wong, Wei Xuan Ramona. "An Analysis of Household Debt on Consumption : in the Swedish Economy." Thesis, Umeå universitet, Nationalekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-135681.
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Household debts in Sweden have been rising over the last 2 decades. Household debtsinclude both mortgage and consumer loans of households. The Central Bank of Sweden, alsoknown as the Riksbank, measures the household indebtedness situation in Sweden by thehousehold debt to disposable income ratio. With data collected, household indebtedness as aratio to disposable income has shown increasing trends, where it has doubled in percentageover the last ten years. Rising household debt is an issue that needs immediate attention as itcan lead to detrimental effects in the macroeconomic development and financial stability inthe economy. A model which includes the household debt to income ratio alongside otherindependent variables such as income and wealth is created. The dependent variablehousehold consumption will be regressed against the independent variables. This paper seeksto find the relation between household debts and household consumption in the Swedisheconomy, with the data available.
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Zanoncello, Luca <1994>. "Housing Collateral and Household Debt: An Analysis for Different European Economies." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/18922.
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The aim of this work is to analyse how household wealth varies according to fluctuations in the housing market. What is deepened, in fact, is the relation between house prices and household debt when houses can be used as borrowing collaterals.
So, resting on the economic literature that tries to explain this relation, the work aims to explore it using two approaches. The first is based on a theoretical analysis. It focuses on the effects of variations in housing market prices on household economic decisions.
The second approach is an empirical one. An OLS model is used after estimating household expectations with an autoregressive process. The goal of this analysis is studying the relation between expected house prices and household debt for a group of European countries in the period 1995-2019.
The results of the econometric analysis, considered the heterogeneity of legal systems and differences in financial market regulation, suggest a statistically significant relation for countries in which financial markets show more imperfections. However, the relation is also significant and even stronger for countries where access to credit is easier and houses can be used as borrowing collaterals even for expenditure purposes.
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Sålder, Christofer. "In search of a smoking gun : The repo rate’s effect on household debt-to-income ratio." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-217562.
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The Swedish households’ debt relative to income has increased for some time now, with the Riksbanks’ executive board expressing its concern for the risk it brings. It has been debated whether or not to take the high indebtedness into account when setting the policy rate. There is at the same time no consensus about the relationship between the repo rate and household debt. This study aims to examine the effect of a change in the repo rate on household debt-to-income ratio, using a VAR-model. The result is that a 1 percentage point shock to the repo rate for one quarter will have a negative impact on the household debt-to-income ratio by 1.75 percentage points after about 8 quarters. However this may not decrease the risk associated with the debt due to higher unemployment.
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Aller, Arranz Carlos. "Essays on household and corporate finance." Doctoral thesis, Universidad de Alicante, 2012. http://hdl.handle.net/10045/26755.
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Yoon, Kyoungsoo. "Essays on the Effect of Household Debt and Housing Wealth on the U.S. Economy." The Ohio State University, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=osu1306431573.
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Jang, Hee Chang. "Essays on household debt, macroprudential policy and monetary policy in South Korea." Thesis, Durham University, 2017. http://etheses.dur.ac.uk/12343/.
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Household debt in South Korea is high and still rising. Household debt to GDP ratio had risen at the similar pace with that in the US until 2007 but it has still been rising whereas it has been falling since 2017 in the US. As a result, it is now higher in South Korea than in the US. There was a dramatic growth in household debt in the US preceding the recent Great Recession and high level of household debt was viewed to amplify the severity of economic recession in the US constraining consumer spending. In this context, high and continuously rising household debt could be a potential risk factor for the South Korean economy. Macroprudential policy, which indicates policy aims to reduce financial systemic risk pre-emptively, is a crucial measure to slow down the pace of household debt growth in South Korea. However, there is no established tool to analyse or evaluate its effects and relationship to monetary policy. The second chapter presents the trend and distribution of household debt in South Korea, and brief history of policy responses to continuously increasing household debt. The third chapter shows how macroprudential policy works by using a simple heterogeneous DSGE model with collateral constraint. The model is based on so-called borrower-saver model. Despite of its simplicity, the model can clearly explain how macroprudential policy affects household debt and related variables in South Korea. In addition, dynamics of this model imply increasing amortisation rate is superior measure to decreasing LTV ratio because it induces less volatility in economy. The collateral constraint in this thesis is designed to distinguish household debt (stock) and borrowing (flow). As a result, it is more realistic than the one mostly used in literature. This collateral constraint setting contributes to the better results especially when we analyse the phase of tightening household credit conditions. Furthermore, it enables us to see how amortization rate affects the South Korean economy. The fourth chapter extends the model mainly to see how credit tightening and monetary policy work differently and how they interact. Habit formation in non-durable good consumption, price rigidity in non-durable good producers, fixed cost in intermediate good production and monetary policy are added in the model. Not only the newly added elements themselves but also inflation make model's responses different from those in the previous chapter. Nominal and real rigidities make dynamics last longer and more realistic. Due to the structure of collateral constraint, a rise in inflation can reduce the level of real household debt whereas there is no inflation effect on real household debt with the common type of collateral constraint. This also influences responses to monetary policy shock. The results demonstrate credit tightening is better than monetary policy in slowing down the growth rate of household debt. Among all policy measures considered, decreasing amortization rate is the most effective and increasing LTV ratio is the second. These implies that ongoing policy efforts to slow down the growth rate of household debt in South Korea is on the right track. The fifth chapter shows welfare effects of macroprudential policy. The results illustrate it is impossible to get social welfare gains in a situation given in South Korea when discretionary macroprudential policy comes into effect. If government adopts countercyclical macroprudential rule, it is possible to improve social welfare but it requires welfare loss either of borrower or saver.
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Benzon, Sarah, and Frida Larsson. "Fiscal tools and their potential impacts on Swedish households." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-192166.
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Hoosain, Aadila. "Relationship between consumer credit and consumption spending in South Africa." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/30603.
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This paper verifies the positive relationship between consumer credit and the four categories of consumption spending in South Africa. The study utilised data sourced from the South African Reserve Bank for the period 1975-2011. The study was conducted via regression analysis to determine the relationship between the dependent and independent variables. A significant positive relationship was found between the independent variable household debt and the four categories of consumption. The results are statistically significant for non-durable and durable goods and although significant for services and semi-durable goods, the relationship is less strong in these two instances.Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
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Wu, Di. "Three Essays on the Credit Card Debt Puzzle, Income Falsification, and Numerical Approximation." The Ohio State University, 2019. http://rave.ohiolink.edu/etdc/view?acc_num=osu1563316071624495.
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KUHBIER, SIMON, and HESARI PEYMAN SAFARI. "Is the Effect of Monetary Policy Asymmetric? A Study on Swedish Household Debt." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-224875.
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Klein, Mathias [Verfasser], Ludger [Akademischer Betreuer] Linnemann, and Roland [Gutachter] Winkler. "Household debt and the macroeconomy / Mathias Klein ; Gutachter: Roland Winkler ; Betreuer: Ludger Linnemann." Dortmund : Universitätsbibliothek Dortmund, 2017. http://d-nb.info/1126724998/34.
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Wimmerová, Johana. "Vliv finanční krize na finanční situaci českých domácností v komparaci s vybranými státy EU." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-17095.
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Shand, Jennifer M. "The Impact of Early-Life Debt on Household Formation: An Empirical Investigation of Homeownership, Marriage and Fertility." Columbus, Ohio : Ohio State University, 2008. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1219932449.
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Svanholm, Daniel, and Jennifer Persson. "Debt availability : The impact of repo-rate policy on household borrowing in Sweden: A study of the relationship between the nominal interest rate and the availability of debt for Swedish households." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-34358.
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Households availability to accrue debt remains a major factor affecting both consumption and savings on an aggregate level. The financial crises at the end of 2007 echoed through the Atlantic ocean and hit the European economies, wrecking havoc as it went. Both nominal and real interest rates plummeted as centrals banks tried to conduct damage control in their respective regions. With some nominal interest rates falling past the zero lower bound and inflation hovering around zero percentage points. The recovery of American and European economies is still ongoing but this process is largely dependent on monetary and fiscal policies by central banks and governments. This thesis examines the relationship between the nominal interest rate and the availability of debt for households, using secondary cross sectional survey data and recorded financial data accumulated over a period of ten years collected every other year. This study limits itself to the country of Sweden and includes different independent variables separate of the nominal interest rate, accounting for some variation and internal effects of the data as well as theoretical considerations. In consensus with previous studies the relationship between the availability of household debt and the nominal interest rate is negative and statistically significant in nature. Indicating that the validity of the classical relationship between nominal interest rate, savings and consumption is affirmed.
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Hawes, Emily Jeanne. "Geographies of indebtedness : the spatial nature and lived experiences of household debt in Metro Vancouver." Thesis, University of British Columbia, 2016. http://hdl.handle.net/2429/56283.
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Since the 1990s, Canadian household debt levels have grown at an increasingly rapid rate, hitting records levels in late 2014. Mainstream representations paint the looming household debt crisis as a product of rampant overconsumption, underpinned by a societal lack of ‘financial literacy’. To what extent does the empirical evidence reflect such discourses? Few critical studies examine household debt in Canada, and still fewer consider the sub-national scale. According to existing scholarship, processes of financialization, securitization and neoliberalization influence household debt internationally and nationally. This thesis investigates the geography of high household debt levels at the local scale for Metro Vancouver. It examines the causes and consequences of heavy indebtedness in the everyday lived experiences of individual debtors, and the services and supports that they need to face these challenges. At the sub-CMA level, the spatial distribution of debt stress (debt-to-income and debt-to-wealth ratios) is assessed at the FSA level via a quantitative mapping analysis for Metro Vancouver – Canada’s most indebted city. Despite the generalized high debt stress across the CMA, a distinctly uneven spatial distribution of the costs, stresses (indebtedness) and benefits (gains in wealth) of rising mortgage and consumer debt levels emerges, with disproportionate stress in Vancouver’s outer suburbs. Through in-depth qualitative interviews with highly indebted Vancouverites, this thesis unpacks the everyday effects that increasing debt-loads have on residents of high-debt neighbourhoods. It draws on media discourse and debtor testimonies to consider the societal and survival pressures to engage in ever higher levels of borrowing experienced by financialized citizen subjects – funding consumption in a time of high income and wealth inequalities. Common causes of debt stress include unexpected life events such as divorce and job loss, easy accessibility of and marketing pressures to consume credit, and insufficient household resources as inflation surpasses wage growth. Financial literacy initiatives are called into question while, alongside issues of housing affordability, the study finds a critical need for lending regulations, non-predatory alternatives to small and short-term Payday loans, and reduced barriers to accessible and affordable mental health counseling for debtors.Arts, Faculty of
Geography, Department of
Graduate
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Netzén, Örn Marcel. "Negative Interest Rate & the Level of Household Debt : A Vector Autoregressive approach in a European perspective." Thesis, Umeå universitet, Nationalekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-132005.
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Ever since the big recession of the world economy 2007, the central banks in Europe have struggled to regain financial stability. Their goals have been hard to reach and 2014 The European Central bank (ECB) introduced negative interest rates for the first time in the world history. However, today, year 2016, many countries still have not been able to reach their inflation target. During this time with expansive monetary policies, many European Union (EU) members have faced rising level of household debts to GDP. This study focus on EU-members and uses a Vector Autoregressive method, Granger causality test and an impulse-response test to give a greater understanding about the association between the level of household debt and interest rate. Further, it aims to investigate if the negative interest rate has an impact on that association. However, our empirical results show that there is a significant negative association between the level of household debt and the interest rate in Austria, Belgium, Bulgaria, Finland, Germany, Italy, Poland, Romania, Slovakia, Spain and Sweden. Further, they show that there is a granger causality from the interest rate to the level of household debt for Belgium, Finland, Germany, Poland, Slovakia and Sweden. For all these countries, our findings show that a shock in the interest rate have a short-term effect on the level of household debt. Lastly, we found no statistical significant evidence for that the negative association between the interest rate and the level of household debt does increase when the interest rate is negative.
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Hvalgren, Niclas, and Davidsson Linnea Englund. "Income Inequality and Household Debt : A panel data study of 17 OECD-countries from 1995-2015." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-341849.
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This study explores the relationship between income inequality and household indebtedness using panel data on 17 OECD-countries over the time period 1995-2015. Motivated by relative income theory of consumption and previous empirical research we anticipate a non-monotonic relationship between changes in household debt and income inequality (measured by the Gini- coefficient), as dynamics between different groups of households in the income spread is expected to vary at different levels of inequality. Carrying out the empirical analysis we find notable indications of an inverse U-shape relationship between inequality levels and household borrowing. We locate an estimated turning point at a Gini-value of 28.84, which indicates a positive marginal effect on household borrowing as inequality grows from levels below this point, turning negative as inequality increases further. This suggests that as income inequality grows from relatively low levels households increase their rate of borrowing, while at higher levels of inequality households decrease their borrowing rate in response to growing income disparities. Results hold under a random effects model and a pooled OLS model, but fail to prove significant in the stricter fixed effects model, why we cannot draw any definitive conclusions about the magnitude of the effect. Nevertheless, the findings of further complimentary estimations lend credence to our hypothesis. Benefits and limitations of our data and empirical methods are comprehensively discussed, as well as the theoretical mechanisms explaining the relationship. Indicative but in the end inconclusive results leaves ample opportunity for further investigations with more advanced empirical methods.This bachelor thesis was awarded the highest grade, VG.
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König, Nadja [Verfasser], and Ingrid [Akademischer Betreuer] Größl. "Essays on Private Household Debt : Borrowing Behaviour, Insolvency Laws and Macrodynamics / Nadja König. Betreuer: Ingrid Größl." Hamburg : Staats- und Universitätsbibliothek Hamburg, 2016. http://d-nb.info/111177840X/34.
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König, Nadja Verfasser], and Ingrid [Akademischer Betreuer] [Größl. "Essays on Private Household Debt : Borrowing Behaviour, Insolvency Laws and Macrodynamics / Nadja König. Betreuer: Ingrid Größl." Hamburg : Staats- und Universitätsbibliothek Hamburg, 2016. http://nbn-resolving.de/urn:nbn:de:gbv:18-80272.
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Raková, Zdeňka. "Analýza vývoje zadluženosti domácností v České republice a Rakousku a srovnání s Evropskou unií." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-116538.
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Constantly increasing household debt is becoming frequently discussed topic. The main aim of this thesis is to analyse the development and structure of household debt in the Czech Republic and its comparison with household debt in Austria and with households in other EU countries and Eurozone, respectively. The analysis of sources and laws connected with this issue and especially analysis of regularly reported data of noted countries serve to achieve the aim of the thesis. The first part of the thesis is focusing on definition of terms related to this issue such as credit, loan, mortgage loan, regular and bridge loan, consumer credit, leasing and APR. The second part deals with analysis of debts in the Czech Republic and Austria. First, the size of total debt is examined and then the attention is paid to development and structure of debt from different points of view (creditors, purpose, currency and maturity). The last part discusses the position of the Czech Republic and Austria from the point of view of other households within the EU countries and Eurozone, respectively.
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Schmidt, Jörg [Verfasser]. "About the Link of Monetary Policy to Household Debt, Risk in the Financial System, and Inequality / Jörg Holger Schmidt." Gießen : Universitätsbibliothek, 2020. http://d-nb.info/1216144796/34.
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Schmidt, Jörg Holger [Verfasser]. "About the Link of Monetary Policy to Household Debt, Risk in the Financial System, and Inequality / Jörg Holger Schmidt." Gießen : Universitätsbibliothek, 2020. http://d-nb.info/1216144796/34.
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Ullrychová, Jana. "Zadluženost domácností v ČR." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193170.
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The Master's thesis deals with the indebtedness of Czech households. The thesis is divided into theoretical and analytical-practical part. The theoretical part deals with the home economic activities and lending. In the analytical-practical part the author describes the evolution and structure of loans provided to households between 1993 and 2014. The debt ratio is appraisaled in relation to bank deposits, net disposable household income, GDP, national debt and compared with households in the EU. In final the author runs to the conclusion that the current level of debt of households is not any problem for the economics and that there is not any danger of the rapid growth of indebtedness nowadays. Ability to repay debts is not too high as evidenced by the increasing number of executions and personal bankruptcies. The cause of difficulties is the low financial literacy of citizens and irresponsible approach to lending for both the creditor and debtor side.
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Tu, Tina. "New Zealand household debt is it too high? a dissertation submitted to Auckland University of Technology in partial fulfilment of the requirements for the degree of Master of Business (MBus), 2008 /." Click here to access this resource online, 2008. http://hdl.handle.net/10292/478.
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Durodola, Oludamola Olalere. "A Case Study of Financial Literacy and Debt of Immigrants in Lloydminster, Canada." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/3673.
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The high debt-to-income ratios and the low financial literacy levels among Canadian immigrants are hindering public welfare, macroeconomic policies, and economic growth. The purpose of this qualitative exploratory case study was to explore why immigrants to Lloydminster, Canada possess high debt-to-income ratios in their financial portfolios by examining pertinent themes and patterns between their debt profiles and their financial literacy levels. The life cycle hypothesis, rational choice theory, and bounded rationality theory grounded the study. Data collection from the purposeful sample included semistructured face-to-face interviews with 13 adult immigrants and a focus group discussion with 6 adult immigrants, all of whom lived, worked, or owned a business in the city of Lloydminster. The application of Yin's 5-step data analytic procedure revealed key findings that described the pattern between immigrants' debt profiles and their financial literacy levels including environmental curiosity, excellent credit score, family survival, rational decision making, social institutions, economic institutions, pressure impacting financial decisions, credit facility impacting financial decisions, emotions impacting financial decisions, and discount deals impacting financial decisions. Immigrants to Canada can utilize the findings from this study to develop their financial literacy levels and stay committed to making sensible financial decisions, thus triggering positive social change. Sound spending habits could have positive implications for Canada's Gross Domestic Product growth and immigrants' wellbeing.
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Tsai, Sunny. "The Growth of Consumer Debt and its Effect on Economic Performance in Emerging Market Economies: Turkey, China, Brazil." Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/503.
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As emerging market economies gain increasing influence and importance in the global economy, any development with a potentially destabilizing effect on the economic performance on such countries should be carefully monitored. This paper examines one particular development: the rise of consumer debt. Through the case studies of Turkey, China, and Brazil, this paper seeks to analyze the relationship between an increase in consumer debt and a country's GDP growth in emerging markets and how a detrimental relationship could severely impact the international economy at large.
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Litt, Wade Howarth. "Student Loan Impacts on Labor Market Decisions in the United States: Employment Transitions, Education-Occupation Mismatch, and Entrepreneurship." The Ohio State University, 2019. http://rave.ohiolink.edu/etdc/view?acc_num=osu1556554649614829.
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Ernstová, Pavla. "Analýza ukazatele RPSN u spotřebitelských úvěrů." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198413.
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The thesis titled "Analysis of the APRC for consumer loans" begins with basic economic knowledge of the consumer loans, mutual context and legal background. Key emphasis is placed on the pointer annual percentage rate of charge. Analyzed loans are selected from wide range of bank and non-bank institutions that meet the specified parameters. For each loan there is comparison of calculated and actual values presented in the APRC. Next part of focused on overall comparison of the obtained results. Last section provides theoretical recommendations for future development.
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Widdop, James Stuart Hailstones. "Credit extension in South Africa: an analysis of the impact of interest rates and income levels on the level of household debt." Thesis, Rhodes University, 2017. http://hdl.handle.net/10962/4988.
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The recent growth in the unsecured lending market and the bankruptcy of African Bank Investments Limited have brought to light concerns regarding credit extension and the level of household indebtedness in South Africa. This study seeks to investigate the relevant aspects of credit extension in both the secured and unsecured lending markets by firstly analysing contemporary literature and then conducting a more formal empirical analysis. A VAR model is estimated to examine the effects household disposable income and interest rates have on the level of household debt in South Africa for the period 1995Q1-2015Q3. The empirical results indicate that there is no significant deterministic relationship between household disposable income and household debt. However, the results show that such a relationship does exist between interest rate and household debt. Finally, impulse response functions obtained from the VAR estimation are examined which indicate that both shocks too household disposable income and interest rates effect the level of household debt, but that this effect returns to equilibrium within six periods.
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Černá, Martina. "Osobní a rodinné finnance a aktuální finanční krize." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-18299.
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Household debt grows up from the second half of the nineties of the century thanks to growing a living standard. More people provide own living and consumer credit increases. Because of financial crisis many people feel deterioration of working conditions and just the loss of regular earnings leads to problem with paying of a debts. The diploma thesis will be concerned with the problem of people's debts in accordance with personal and family finance and deal with responsible approach to loans, impacts of unpaid debts and solutions how to avoid the debt trap.
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Boustanifar, Hamid. "Essays in financial economics." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Finansiell ekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-2087.
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Thornley, Marc. "How New Zealand's non-mortgage, individual and household debt has grown since the 1990's looking at the demographic factors behind the debt and how it compares to other OECD countries : a dissertation project submitted to AUT University in partial fulfilment of the degree of Master of Social Policy , 2008 /." Click here to access this resource online, 2008. http://hdl.handle.net/10292/670.
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PUNZO, CHIARA. "ESSAYS ON BORROWING-CONSTRAINED AGENTS IN A DSGE MODEL." Doctoral thesis, Università degli Studi di Milano, 2016. http://hdl.handle.net/2434/452068.
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This thesis is an attempt to contribute to the literature on New-Keynesian Dynamic Stochastic General Equilibrium models with heterogeneous households. In this respect, the economies are characterized by the presence of savers and borrowers that interact in the credit market. Borrowers and savers are modeled using a modified version of the mechanism proposed by Bilbiie, Monacelli and Perotti (2012). They indeed differ in their degree of impatience: both agents are intertemporal maximizers - since borrowing and lending take place in equilibrium; and, financial markets are imperfect. Particularly, we focus on the interaction between fiscal and monetary policy and their redistributive effects. More in the detail, the thesis is composed of three papers. In the first paper, we study the dynamics of the model in response to five shocks, under three different assumptions on the labor income tax rates: a) equal taxes, both agents face the same labor income tax rate; b) partial redistribution, both agents pay a tax but the tax rate on borrower labor income is lower than the tax rate on saver labor income; c) full redistribution, saver labor income is taxed while borrower labor income is subsidized at the same rate. In the analysis of expansionary fiscal policy, public debt increases more in a context of partial redistribution than in a context of full redistribution, due to the internalization of government budget constraint by savers. In addition, a negative saver tax shock has a negative impact on redistribution, which is exacerbated under partial redistribution. Finally, a negative borrower tax shock has a negative impact on redistribution when borrowers receive subsidies, because savers are completely discourages to save. In the second paper, following Galì (2014), we study the effects of a shock to government purchases under two alternative financing regimes: (i) monetary financing; (ii) debt financing. Particularly, we focus on the redistributive effects of the two regimes and we find the following. Both regimes imply a redistributive effect from savers to borrowers, measured in terms of the ratio between the consumption of borrowers and that of savers. The redistribution is much greater in the money-financed fiscal stimulus, where the consumption ratio is more than three times higher than the implied one in the debt-financed fiscal stimulus. Borrowers are better off also in terms of their relative labor supply. Finally, with respect to the representative agent model, the presence of borrowers enhances the impact of the fiscal intervention on aggregate output, when spending is debt financed. Remarkably, with respect to Galì (2014) the same regime implies a reduction of the debt burden instead of an increase. In the third paper, using a Bayesian likelihood approach, we estimate the model presented in the second paper to analyze the main driving forces of output developments in United States. This paper investigates the role of fiscal policy over the aggregate US business cycle. Fiscal policies were substantially muted.
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Aiello, Filip, and Martin Haegeland. "Hushållens krediter : En tidsserieanalys av svenska hushålls skuldsättning mellan 1980 och 2012, utifrån Minskys hypotes om finansiell instabilitet." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-23506.
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De svenska hushållens skuldsättning har ökat markant sedan 1980-talet och är idag på rekordhöga nivåer. Utifrån detta har frågor kring skuldsättningsnivåns hållbarhet, dess makroekonomiska konsekvenser och bakomliggande faktorer, blivit allt vanligare. Tidigare studier på området visar på brister i standardteorin för analys av hushållens skuldsättning, livscykelhypotesen, då hänsyn inte tas till kreditrestriktioner eller människors oförmåga till helt rationellt handlande. En alternativ analysram fick förnyad uppmärksamhet i samband med finanskrisen i USA 2008 – Hyman Minskys hypotes om finansiell instabilitet – vilken inkorporerar ett fokus på spekulation på kredit- och tillgångsmarknader som förklaring till skuldsättning. Den här uppsatsen undersöker om Minskys hypotes kan appliceras på de svenska hushållen och förklara förändringen i skuldsättning sedan 1980-talet, genom en linjär regressionsmodell på aggregerad data för tidsperioden 1980 till 2012. Resultaten tyder på att den ökade skuldsättningen i stor utsträckning kan förklaras utifrån Minsky hypotes, där en avreglerad kreditmarknad och fallande räntenivåer verkar ha lett till en ökad spekulation i reala tillgångar, ökat risktagande hos både långivare och låntagare och därmed en ökad skuldsättning.The debt level of Swedish households has increased noticeably since the 1980’s and is today at a record high level. This has given rise to questions regarding the sustainability of the debt level, its macroeconomic implications and driving factors. Previous studies on the subject show deficiencies in the standard theory for analyzing household debt, the life-cycle hypothesis, due to lack of consideration in the theory of credit restrictions and humans’ inability to act completely rationally. An alternative framework for analysis received renewed attention in connection with the financial crisis in the U.S. in 2008 – Hyman Minsky’s financial instability hypothesis – incorporating speculation in credit and asset markets as explanations for indebtness. This thesis investigates whether Minky’s hypothesis can be applied on Swedish households and explain the change in debt levels since the 1980’s, through a linear regression model, using aggregate data for the period 1980 to 2012. The results of the thesis indicate that the increased debt level to a large extent can be explained by Minsky’s hypothesis, where a de-regulated credit market and falling interest rates seem to have caused increased speculation in real assets, increased risk-taking by both debtors and creditors and thus an increased level of household debt.
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Borges, Marco Antonio. "Expansão do crédito, comprometimento de renda e vulnerabilidade das famílias brasileiras na década de 2000." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17704.
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This paper investigates the determinants of household debt-service ratio, using disaggregate data from the Household Budget Surveys of 2002/2003 and 2008/2009 from IBGE. The results show strong evidence of the influence of payroll loans on the increase of debt-service ratio in Brazilian families in the period considered. It was also found that indebtedness is associated with the occurrence of financial difficulties affecting spending on housing, health and food at the household. Assessing the influence of debt on the likelihood of financial difficulties, we conclude that the existence of debt increases more strongly the vulnerability of families whose heads are female, over the age of 60, with more than 11 years of schooling or belonging to the 40% higher incomes. In households headed by women, the impact of debt on financial vulnerability can be attributed to socioeconomic factors and adds to the already high vulnerability of these families. In the other cases identified (householders over 60 years, more than 11 years of schooling and families between the 40% higher income) financial vulnerability is lower, but the impact of debt is greater than average due to the high debt-service ratio. This may indicate an inadequate volume, interest rate or term in the credit offered to this segment.
Este trabalho investiga os determinantes do comprometimento de renda familiar com o pagamento de dívidas, utilizando os dados desagregados das Pesquisas de Orçamentos Familiares de 2002/2003 e 2008/2009 do IBGE. Os resultados mostram forte evidência da influência do Crédito Consignado sobre o aumento do comprometimento de renda das famílias brasileiras no período considerado. Também verificamos que o endividamento está associado à ocorrência de dificuldades financeiras que afetam gastos com habitação, saúde e alimentação no domicílio. Avaliando a influência do endividamento sobre probabilidade de ocorrência de dificuldades financeiras, concluímos que a existência de dívidas aumenta mais fortemente a vulnerabilidade das famílias cujos chefes são do sexo feminino, com idade acima de 60 anos, com mais de 11 anos de estudo ou pertencentes às 40% maiores rendas. Nos domicílios chefiados por mulheres, o impacto do endividamento sobre a probabilidade de ocorrência de dificuldades financeiras pode ser atribuído a fatores socioeconômicos e vem se somar à já elevada vulnerabilidade destas famílias. Já os demais casos identificados (chefes de família com mais de 60 anos, mais de 11 anos de estudo e famílias entre as 40% maiores rendas) apresentam vulnerabilidade financeira mais baixa, porém nestes domicílios o impacto do endividamento é maior do que a média devido ao elevado comprometimento de renda. Isto pode indicar uma inadequação no volume, taxa ou prazo do crédito ofertado para este segmento.
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Ferrão, Filipe António da Cunha. "Dívida das famílias : uma analise para a Europa (HRS) e EUA (SHARE) para 2006 e 2010." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/6395.
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Mestrado em FinançasThis dissertation investigates the evolution and determinants of the household debts in the United States of America (USA) and also in Europe (EU), before and after the beginning of the financial crises. The amounts and the debt incidence (mortgage and nonmortgage) were compared for the two years observed (2006/07 and 2010). After the presentation and discussion of the relevant literature, the determinants that had influence on the indebtedness in the USA and the EU were empirically tested based on the data from Health And Retirement Study (HRS) wave 8 (2006) and wave 10 (2010) and Survey of Health, Ageing and Retirement in Europe (SHARE) wave 2 (2006) and wave 4 (2010). As the objective is to verify alterations in the individual behavior in the periods pre and post crises, this alteration was analyzed through the observation of the same individual on both moments in time. Various specifications of the Probit model were tested where the dependent variable assumed the value of „one‟ or „zero‟ corresponding to the exist of debt or not. The study was conducted taking under consideration the whole set of debts (liability) and also for each type of debt in the European.( Overdue bills, Debt on cars and other vehicles, Debt on credit cards, Loans, Debts to relatives or friends and Student loans ) and the north American case (mortgage and nonmortgage). The EU average debt amount is higher than the USA in both years, suffering an increase from 2006 to 2010, while in the USA it stayed constant, however, the percentage of individuals with any kind of debt stayed similar in both years and both analyzed regions. The results suggest that in the EU, after the crises, was verified a change on the weight of each debt source, with a trade off between the decreasing search of formal financial institutions and the rise of informal debt, obtained from family and friends. The estimated model results show that the age, the in log wealth, the financial risk aversion, marriage and financial savings in general have a negative effect in debt acquirement. On the other hand, having a mortgage, the education (number of years) and having children has a positive effect on debt acquirement. The factors that explain different kinds of debt differ in the analyzed regions and years, noticing that the children‟s variable, the health state, education and marriage are exclusively meaningful and present in the EU, opposing the USA, where they show no statistical relevance.
Esta dissertação investiga a evolução e os determinantes das dívidas das famílias nos Estados Unidos da América (EUA) e na Europa (EU), antes e depois do início da crise financeira. Foram comparados os montantes bem como a incidência da dívida (hipotecária e não hipotecária) entre os dois anos analisados (2006/07 e 2010). Após a apresentação e discussão da literatura relevante, foram testados empiricamente determinantes que influenciaram o endividamento nos EUA e na EU com base nos dados Health And Retirement Study (HRS) wave 8 (2006) e wave 10 (2010) e no Survey of Health, Ageing and Retirement in Europe (SHARE) wave 2 (2006) e wave 4 (2010). Como o objectivo é verificar alterações no comportamento do indivíduo no período pré e pós crise, essa alteração foi analisada através da observação do mesmo indivíduo em dois momentos no tempo. Foram testadas várias especificações de modelos Probit em que a variável dependente assume o valor „um‟ ou „zero‟ correspondendo a existência ou não de dívida. O estudo foi efectuado considerando o conjunto das dívidas (passivos) e também para cada um dos tipos de dívida: no caso europeu (e.g. por contas em atraso, relativas a carros e outros veículos, relativa a cartões de crédito; de empréstimos bancários; a parentes e amigos; e de empréstimo a estudante) e para o caso europeu e norte americano (dívida hipotecária e não hipotecária). O montante médio da dívída na EU apresenta-se superior em ambos os anos, em relação aos EUA, sofrendo um aumento de 2006 para 2010, enquanto que nos EUA manteve-se relativamente constante, contudo, a percentagem de indivíduos com algum tipo de dívida mantem-se similar nos dois anos e nas duas regiões analisados. Os resultados sugerem que na EU se verificou, após a crise, uma alteração no peso de cada uma das fontes da dívida, com um trade off entre o recurso ao crédito formal nas instituições bancárias que desceu e um aumento do crédito informal obtido de parentes e amigos que subiu. Os resultados dos modelos estimados mostram que em geral a idade, a riqueza em log, a aversão ao risco financeiro, ser casado e a existência de poupança no banco de uma forma geral têm um efeito negativo na posse de dívida. Por outro lado, ter hipoteca sobre a habitação, os anos de educação e ter filhos tem um efeito positivo na existência de dívida. Os factores que explicam os diferentes tipo de dívida diferem nas regiões e nos anos analisados, sendo que as variáveis filhos, o estado de saúde, anos de educação e o ser casado são exclusivamente presentes e significativas na EU, ao contrários dos EUA que não apresentam relevância estatística.
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Mary, Sébastien. "A dynamic stochastic farm household model with occasionally binding debt constraints and investment adjustment costs : assessing the impacts of direct farm payments and common agriculture policy reforms in French arable crop farms." Thesis, University of Aberdeen, 2010. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=158412.
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Traditionally, the Common Agricultural Policy has used minimum intervention prices and coupled payments to support farmers in Europe. These highly trade-distorting instruments have received much criticism. Following the Uruguay Round, a major reform process started in the EU. In 2003, the EU decoupled farm support by introducing Single Farm Payments. However, economic theory has shown that such payments may lead to increases in farm output because of the existence of market imperfections or risk. This thesis explores the issue of farm support for the case of crops farm households in France. It develops and applies a stochastic dynamic farm household model for a representative crops farm household. The farm household faces occasionally binding debt constraints and investment adjustment costs. The model is specified and parameterized to a sample of French crops farms using Farm Accountancy Data Network (FADN) data observed between 1996 and 2003. Simulations with various policy scenarios show the extent to which farm support and especially decoupled payments affect the farm household’s decisions. First, the thesis examines the impact of CAP reforms on farm behaviour. Then, the thesis compares the impacts of different farm payments, i.e. Single Farm Payments, farm payments coupled to production and Counter-cyclical Payments, to explore the link between investment and farm payment. Further, the thesis highlights that the degree of decoupling of farm payments depends on the farm household’s access to credit. Although Single Farm Payments may potentially affect output decisions, given the relatively low impacts found in the thesis, it is reasonable to consider that the Single Farm Payment is effectively decoupled in this French FADN sample of arable crops farms. The introduction of decoupled direct payments in the EU appears to be an efficient step towards reducing trade distortions.
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Wang, Qifan. "The Financial Assimilation of Immigrant Families: Intergeneration and Legal Differences." The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1324501079.
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Fortin, Pierre-Olivier Jean. "Exploring the expansion of credit on the demand and the supply side : what are the macroeconomic implications of high household debt and equity ownership, and are asset based credit (ABC) institutions different from banks?" Thesis, Durham University, 2012. http://etheses.dur.ac.uk/3556/.
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During the last two decades, the way credit is handled has profoundly changed on both the demand and supply sides, mostly due to the new role of collateral assets. On the demand side, household debt that is collateralized with real estate, cars, and other tangible assets has reached record levels. On the supply side, the use of collateralized credit has become widespread. Banks now use collateralized credit for a number of purposes such as risk management, issuing fees, etc., and a new type of lender has entered into competition with banks through the use of assets instead of deposits for credit generation. These modifications, coupled with a stable financial environment and low interest rates, have led to the issuance of considerable amounts of collateralized credit. All these changes have macroeconomic implications, either creating new risk or magnifying existing financial systemic risk. To study the increased demand for household credit, I develop a theoretical model of the macro dynamics of households, with financial stability moderated by asset prices. I show that household real estate debt has quantifiable drawbacks in terms of financial stability. To study the supply of credit, I examine the link between collateral assets and financial stability in two ways. First, I develop a theoretical model of the dynamics between financial stability and assets used as collateral for bank debt. I show that a simple link exists between the price dynamics of bank loan collateral assets and optimal leverage of the financial system. Second, I empirically investigate the characteristics of lenders that do not hold deposits, also called asset-based credit institutions, since they substitute deposit liquidity with short loans securitized by assets. I show that in liquidity generation, risk, and market discipline, asset-based credit institutions mostly behave like banks.
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Eriksson, Julia, and Julia Jordeby. "Today's Credit Market - How to Avoid a House of Cards? : Austrian Full Reserves and the Chicago Plan as Alternatives to the Current Fractional Reserves." Thesis, Södertörns högskola, Nationalekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-33700.
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Today’s household debt consists for the most part of credit money, and this general phenomenon does not only occur in Sweden. Money in the economy is mostly created by private banks, as much as 97 percent of the money in the United States, while central banks only create a very small share of all money. This is the reason for the oppressed household debt. During this period of high debt in Sweden, the household consumption has also increased in comparison to earlier years. The aim is to study and compare how the money supply in two different full-reserve systems, the Austrian through convertibility and the Chicago plan through quantity control, would reduce the household debt in relation to today’s fractional system. The method used in this study is a time series analysis where data of Sweden’s household debt, savings, money supply; M1 and M3, GDP, assets, currency reserves, gold reserves and interest rates has been collected for the years 2005-2013. These are further examined in three different equations. The data for all the variables was collected from SCB, IMF, Ekonomifakta and the World Data Bank. The first theory that is used in this study is Wicksell’s cumulative process which will explain how the money supply M3 affects household debt in today's fractional reserve system. The second theory is the Austrian Business Cycle Theory which will examine the money supply M1 effect on household debt through full reserves by convertibility control. The third theory is the Friedman rule, where the effect of household debt by money supply M1 will be examined. This rule explains how the Chicago Plan is affecting household debt through a full reserve system by quantity control. In the both systems, fractional reserves and full reserves, the debt will increase in this study. The result shows that with full reserves, the household debt would be backed by savings in comparison to fractional reserves, where household debt would be backed by credit money. Therefore, full reserves would contribute to a healthier economy in contrast to today’s fractional system. Since it would involve a large cost for Sweden to transcend to an Austrian system through convertibility, where price inertia would occur as well, the conclusion of this study is that the Chicago Plan, based on the quantity principle, is to prefer.Största delen av hushållens skuldsättning består idag av kreditpengar, och detta generella fenomen finns inte bara i Sverige. Pengarna i ekonomin är för det mesta skapade av affärsbankerna, så mycket som 97 procent i USA, medan centralbanken endast skapar en liten del av dessa pengar. Detta är anledningen till de höga hushållsskulderna. Under den här perioden av hög skuldsättning i Sverige så har även hushållens konsumtion ökat i förhållande till tidigare år. Syftet med denna studie är att jämföra hur penningmängden i två olika hundraprocentiga reservsystem, den österrikiska konjunkturcykeln, genom konvertibilitet, och Chicago planen, genom kvantitetskontroll, skulle reducera hushållens skulder i relation till dagens bråkdelsreservsystem. Metoden som används i denna studie är en tidsserieanalys där data från hushållens skulder, sparande, penningmängd; M1 och M3, BNP, tillgångar, guldreserver, valutareserver och repo räntan har samlats in under åren 2005-2013. Dessa variabler är studerade i tre olika ekvationer och all data har samlats in från SCB; IMF, Ekonomifakta och the World Data Bank. Den första teorin som används är Wicksells kumulativa process som beskriver hur penningmängden M3 påverkar hushållens skulder i dagens bråkdelsreservsystem. Den andra teorin är den österrikiska konjunkturcykel teorin och kommer att undersöka penningmängden M1 effekt på hushållens skulder med ett hundraprocentigt reservsystem med konvertibilitetskontroll. Den tredje teorin är Friedmans regel, där effekten på hushållens skulder kommer att bli undersökt med hjälp av penningmängden M1. Denna regel förklarar hur Chicagoplanen påverkar hushållens skulder via ett hundraprocentigt reservsystem med kvantitetskontroll. Hushållens skuldsättning ökade i samtliga regressioner och resultaten visar att med hundraprocentiga reserver så skulle hushållens skulder vara backade med sparande, jämfört med bråkdelsreserver, där hushållens skulder skulle vara backade med krediter. Därför skulle hundraprocentiga reserver bidra till en mer välmående ekonomi. Eftersom det skulle tillkomma höga kostnader att övergå till ett österrikiskt system med konvertibilitet, så är slutsatsen av denna studie att istället implementera Chicagoplanen baserad på kvantitetsprincipen.
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Hübbert, Alexander, and Linda Lindström. "Could confidence predict households’ debt growth?" Thesis, Luleå tekniska universitet, Institutionen för ekonomi, teknik och samhälle, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-74766.
Full textAbstract:
This thesis analyses if households’ confidence could be a significant variable to predicthouseholds’ debt growth in Sweden. Households’ debts have an important role in thefinancial system where the vulnerability of households’ debts has increased over time.To test whether households’ confidence is a significant variable for the prediction ofhouseholds’ debt growth in Sweden, an econometric model with the households’ debtchange as the dependent variable and the changes in the repo rate, unemployment, grossdomestic product and consumer confidence index as independent variables was used.Consumer confidence index was used as a proxy variable for households’ confidence.It was lagged by one time period in order to quantify if consumer confidence indexcould, with previous value, predict the households’ debt growth. The result showed thatthe households’ confidence was not significant to predict the households’ debt growth.Denna uppsats har analyserat om hushållens förtroende är en signifikant variabel för attförutse hushållens skuldtillväxt i Sverige. De svenska hushållens skulder har ensignifikant betydelse för den svenska ekonomin. Men sårbarheten för dessa skulder harökat med tiden. För att testa om hushållens förtroende är en signifikant variabel för attförutse hushållens skuldtillväxt i Sverige har en ekonometrisk modell med förändringeni hushållens skulder som en beroende variabel och förändringen i reporäntan,arbetslöshet, bruttonationalprodukten och konsumentförtroendeindex som oberoendevariabler. Konsumentförtroendeindex användes som en ersättare för att mäta hushållensförtroende används. Den var fördröjd med en tidsperiod för att kunna testa omhushållens föregående uppfattningar påverkade framtida skuldtillväxt för hushållen.Resultaten från regressionsanalysen antyder på att hushållens förtroende inte är ensignifikant variabel för att kunna förutse hushållens skuldtillväxt.