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Household debt revaluation and the real economy : evidence from a foreign currency debt crisis
Verner, Emil; Gyöngyösi, Győző - 2020
We examine the consequences of a sudden increase in household debt burdens by exploiting variation in exposure to household foreign currency debt during Hungary's late-2008 currency crisis. The revaluation of debt burdens leads to higher default rates and a collapse in spending. These responses...
Persistent link: https://www.econbiz.de/10012175987
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Household Debt Revaluation and the Real Economy : Evidence from a Foreign Currency Debt Crisis
Verner, Emil - 2020
We examine the consequences of a sudden increase in household debt burdens by exploiting variation in exposure to household foreign currency debt during Hungary's late-2008 currency crisis. The revaluation of debt burdens causes higher default rates and a collapse in spending. These responses...
Persistent link: https://www.econbiz.de/10012851472
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Consumption and account balances in crises : have we neglected cognitive load?
Assenza, Tiziana; Cardaci, Alberto; Chaliasos, Michaēl - 2023
The complexities of geopolitical events, financial and fiscal crises, and the ebb and flow of personal life circumstances can weigh heavily on individuals' minds as they make critical economic decisions. To investigate the impact of cognitive load on such decisions, we conducted an incentivized...
Persistent link: https://www.econbiz.de/10014448268
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Are the Liquidity and Collateral Roles of Asset Bubbles Different?
Clain-Chamosset-Yvrard, Lise - 2020
when the borrowing constraint is binding. More significantly, our results do not depend on the - liquidity or collateral … probability. Because credit and bubble are no more perfectly substitutable assets, the liquidity and collateral roles of the … bubble are not equivalent. Growth is larger when bubbles play the liquidity role, because the burst of a bubble used for …
Persistent link: https://www.econbiz.de/10012837465
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Finance and Business Cycles : The Credit-Driven Household Demand Channel
Mian, Atif R. - 2018
What is the role of the financial sector in explaining business cycles? This question is as old as the field of macroeconomics, and an extensive body of research conducted since the Global Financial Crisis of 2008 has offered new answers. The specific idea put forward in this article is that...
Persistent link: https://www.econbiz.de/10012927530
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The Anatomy of Consumption in a Household Foreign Currency Debt Crisis
Gyongyosi, Gyozo; Rariga, Judit; Verner, Emil - 2022
approximately one-for-one with increased debt service, suggesting a role for liquidity constraints. We document a variety of margins …
Persistent link: https://www.econbiz.de/10013305819
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Did scarce global savings finance the US real estate bubble? : the "Global Saving Glut" thesis from a stock flow consistent perspective
Lindner, Fabian - 2015
There is a consensus among the majority of economists that the credit supply is limited by current household saving. If governments or foreigners ran deficits, they would absorb this limited saving so that firms could not borrow any longer and had to reduce their investment. This is the...
Persistent link: https://www.econbiz.de/10011300962
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Tighter credit and consumer bankruptcy insurance
Antunes, António R.; Cavalcanti, Tiago; Mendicino, Caterina - 2021
How does bankruptcy affect the dynamics of aggregate consumption? We quantify the trade-off between the insurance and creditworthiness effects of bankruptcy in response to tighter credit. We show that bankruptcy dampens the effect of tighter credit on aggregate consumption on impact because it...
Persistent link: https://www.econbiz.de/10013330698
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Household debt and saving during the 2007 recession
Chakrabarti, Rajashri; Lee, Donghoon; Klaauw, Wilbert … - 2011
increase in saving - at least in 2009 - did not materialize through an increase in contributions to retirement and savings …
Persistent link: https://www.econbiz.de/10008935752
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Italian Households' Saving and Wealth During the Crisis
Bartiloro, Laura - 2013
This paper investigates trends in Italian households' saving and wealth in the last twenty years, with a special emphasis on the period immediately following the financial crisis in 2008. The analysis is based on data from the Italian Survey on Household Income and Wealth (1991-2010. The crisis...
Persistent link: https://www.econbiz.de/10013083993