of debt and financial assets held conditional on holding the different types of debt and assets. The analysis suggests … amounts of both debt (unsecured and secured) and assets (property and non-housing), even after conditioning on the probability …

We use information from the last wave of the Spanish Survey of Households Finance to study the influence of debt on the … smaller MPC than non-indebted households. This negative association increases along with the amount of debt. We also find a …

data. We jointly model the incidence and extent of financial problems, as well as the likelihood of having secured debt and … the amount of monthly secured debt repayments, allowing for dynamics and interdependence in both of the two-part outcomes … dependence in financial problems exists; (iii) interdependence exists between financial problems and secured debt, specifically …

indebtedness. We find that a given debt burden creates much higher distress in Southern countries, France and Belgium, where fewer … households have a mortgage outstanding relative to countries where a sizeable part of the population uses mortgage debt, like the … access to liquidity. Household's reported distress is also affected by excess indebtedness relative to the debt load of …

This paper studies the direct impact of households' debt on consumption over the business cycle. We use household … leverage, consumption, and asset prices. We find that debt levels exert a negative impact on consumption, which is particularly …' debt in past periods are not relevant in determining consumption; (ii) households adjust faster their consumption to debt …