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Author : Karen E. Dynan
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.E/5 ( download)
Download or read book The Rise in U.S. Household Indebtedness written by Karen E. Dynan and published by . This book was released on 2007 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sebastian Barnes
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Rise in Us Household Debt written by Sebastian Barnes and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the causes of the rise in US household debt since the early 1970s using a calibrated partial equilibrium overlapping generations model. The model explains indebtedness in terms of a consumption-income motive, associated with consumption smoothing, and a housing-finance motive. A credit constraint on borrowing by the old is also introduced to explain why they do not borrow to finance homeownership late in life. Shocks to real interest rates and income growth expectations, combined with demographic changes, are considered to explain the rise in US household debt. The calibrated model is found to be able to explain many features of US household borrowing, both in aggregate and cross-section. In particular, it predicts that the debt to income ratio would have increased substantially during the 1990s and would be expected to continue to grow in coming years. However, the model is unable to account for rising indebtedness during the 1980s when high interest rates, lower income growth and an ageing population would have tended to reduce aggregate borrowing. Alternative explanations, possibly associated with financial liberalisation, may account for borrowing growth during that period.
Author : Atif Mian
Publisher : University of Chicago Press
ISBN 13 : 022627750X
Total Pages : 238 pages
Book Rating : 4.2/5 (262 download)
Download or read book House of Debt written by Atif Mian and published by University of Chicago Press. This book was released on 2015-05-20 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A concise and powerful account of how the great recession happened and what should be done to avoid another one . . . well-argued and consistently informative.” —Wall Street Journal The Great American Recession of 2007-2009 resulted in the loss of eight million jobs and the loss of four million homes to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as less dramatic periods of economic malaise, were caused by a large run-up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. We can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing today’s economy: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?
Author : Lee Anne Fennell
Publisher : Cambridge University Press
ISBN 13 : 1107164923
Total Pages : 357 pages
Book Rating : 4.1/5 (71 download)
Download or read book Evidence and Innovation in Housing Law and Policy written by Lee Anne Fennell and published by Cambridge University Press. This book was released on 2017-08-29 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: This interdisciplinary volume illuminates housing's impact on both wealth and community, and examines legal and policy responses to current challenges. Also available as Open Access.
Author : Darryl Edward Getter
Publisher :
ISBN 13 :
Total Pages : 212 pages
Book Rating : 4.:/5 (37 download)
Download or read book Credit Rejection and the Rise in U.S. Household Indebtedness During the 1980s written by Darryl Edward Getter and published by . This book was released on 1994 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Aldo Barba
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Rising Household Debt written by Aldo Barba and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The article analyses the rise in household indebtedness from the point of view of its causes and long-run macroeconomic implications. The analysis is focussed on the US case. Differently from life-cycle interpretations of the phenomenon, and from interpretations in terms of erratic deviations of current income flows from their long-run trend, the rising household debt is viewed as the outcome of persistent changes in income distribution and growing income inequalities. Through household debt, low wages appear to have been brought to coexist with relatively high levels of aggregate demand, thus providing the solution to the contradiction between the necessity of high and rising consumption levels, for the growth of the system's actual output, and a framework of antagonistic conditions of distribution which keeps within limits the real income of the vast majority of society. The question of the long-run sustainability of this substitution of loans for wages is finally discussed.
Author : Thomas A. Durkin
Publisher : Springer Science & Business Media
ISBN 13 : 1461514150
Total Pages : 340 pages
Book Rating : 4.4/5 (615 download)
Download or read book The Impact of Public Policy on Consumer Credit written by Thomas A. Durkin and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: As both the twenty-first century and the new millennium opened and the old eras passed into history, individuals and organizations throughout the world advanced their listings of the most significant people and events in their respective specialties. Possibly more important, the tum of the clock and calendar also offered these same observers a good reason to glance into the crystal ball. Presumably, the past is of greatest interest to most people when it permits better understanding of the present, and maybe even limited insight into the outlook. In keeping with the reflective mood of the time, the staff and friends of the Credit Research Center (CRC) at Georgetown University's McDonough School of Business noted that the beginning of the new millennium also marked the beginning of the second quarter-century of the Center's existence. The Center began at the Krannert Graduate School of Management at Purdue University in 1974 and moved to the McDonough School of Business at Georgetown University in 1997. The silver anniversary of its founding offered the occasion for creating more than another listing of significant past accomplishments and milestones. Rather, it offered the opportunity and, indeed, a mandate for CRC as an academic research center, to undertake a retrospective and future look into the status of research questions pertaining to consumer credit markets. For this reason, the Center organized a research conference which was held in Washington, D. C.
Author : Mr.R. G Gelos
Publisher : International Monetary Fund
ISBN 13 : 1484393201
Total Pages : 33 pages
Book Rating : 4.4/5 (843 download)
Download or read book Has Higher Household Indebtedness Weakened Monetary Policy Transmission? written by Mr.R. G Gelos and published by International Monetary Fund. This book was released on 2019-01-15 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Has monetary policy in advanced economies been less effective since the global financial crisis because of deteriorating household balance sheets? This paper examines the question using household data from the United States. It compares the responsiveness of household consumption to monetary policy shocks in the pre- and post-crisis periods, relating changes in monetary transmission to changes in household indebtedness and liquidity. The results show that the responsiveness of household consumption has diminished since the crisis. However, household balance sheets are not the culprit. Households with higher debt levels and lower shares of liquid assets are the most responsive to monetary policy, and the share of these households in the population grew. Other factors, such as economic uncertainty, appear to have played a bigger role in the decline of households’ responsiveness to monetary policy.
Author : Mr.Adrian Alter
Publisher : International Monetary Fund
ISBN 13 : 1513530267
Total Pages : 43 pages
Book Rating : 4.5/5 (135 download)
Download or read book Household Debt and House Prices-at-risk: A Tale of Two Countries written by Mr.Adrian Alter and published by International Monetary Fund. This book was released on 2020-02-28 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: To identify and quantify downside risks to housing markets, we apply the house price-at-risk methodology to a sample of 37 cities across the United States and Canada using quarterly data from 1983 to 2018. This paper finds that downside risks to housing markets in the United States have seemingly fallen over the past decade, while having increased in Canada. Supply-side drivers, valuation, household debt, and financial conditions jointly play a key role in forecasting house price risks. In addition, capital flows are found to be significantly associated with future downside risks to major housing markets, but the net effect depends on the type of flows and varies across cities and forecast horizons. Using micro-level data, we identify households vulnerable to potential housing shocks and assess the riskiness of household debt.
Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author : Don Nakornthab
Publisher :
ISBN 13 :
Total Pages : 216 pages
Book Rating : 4.:/5 (1 download)
Download or read book Household Indebtedness and Its Implications for Financial Stability written by Don Nakornthab and published by . This book was released on 2010 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andreas Wiedemann
Publisher : Cambridge University Press
ISBN 13 : 1108983715
Total Pages : 345 pages
Book Rating : 4.1/5 (89 download)
Download or read book Indebted Societies written by Andreas Wiedemann and published by Cambridge University Press. This book was released on 2021-07-08 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many rich democracies, access to financial markets is now a prerequisite for fully participating in labor and housing markets and pursuing educational opportunities. Indebted Societies introduces a new social policy theory of everyday borrowing to examine how the rise of credit as a private alternative to the welfare state creates a new kind of social and economic citizenship. Andreas Wiedemann provides a rich study of income volatility and rising household indebtedness across OECD countries. Weaker social policies and a flexible knowledge economy have increased costs for housing, education, and raising a family - forcing many people into debt. By highlighting how credit markets interact with welfare states, the book helps explain why similar groups of people are more indebted in some countries than others. Moreover, it addresses the fundamental question of whether individuals, states, or markets should be responsible for addressing socio-economic risks and providing social opportunities.
Author : International Monetary Fund. Monetary and Financial Systems Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484308395
Total Pages : 139 pages
Book Rating : 4.4/5 (843 download)
Download or read book Global Financial Stability Report, October 2017 written by International Monetary Fund. Monetary and Financial Systems Dept. and published by International Monetary Fund. This book was released on 2017-10-11 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: The October 2017 Global Financial Stability Report finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth. It also includes a chapter that examines the short- and medium-term implications for economic growth and financial stability of the past decades’ rise in household debt. It documents large differences in household debt-to-GDP ratios across countries but a common increasing trajectory that was moderated but not reversed by the global financial crisis. Another chapter develops a new macroeconomic measure of financial stability by linking financial conditions to the probability distribution of future GDP growth and applies it to a set of 20 major advanced and emerging market economies. The chapter shows that changes in financial conditions shift the whole distribution of future GDP growth.
Author : Apostolos Fasianos
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Balancing Act written by Apostolos Fasianos and published by . This book was released on 2017 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines household indebtedness immediately after the Global Financial Crisis by comparing Ireland, the UK, the US, and the Euro Area. The article focuses on patterns of indebtedness across age-groups. The paper is the first to carry out this type of cross-country analysis of household debt burdens and its distribution across different household types. Compared to all other countries, Irish borrowers born from the mid-1960s through to the very early-1980s have substantially higher levels of debt - both in absolute terms and relative to their incomes. However, the low interest rate environment that has prevailed since 2008 has been particularly beneficial to these highly indebted Irish households, resulting in a debt-service burden (the ratio of debt repayments to income) that is broadly in line with that in other countries. However, in relative terms, a far greater proportion of Irish borrowers on variable rate loans are also exposed to potential interest rate rises in the future. We show that a 1 to 2% interest rate rise reduces the disposable income after debt repayments of a typical borrower by between 2 and 4%, with larger impacts for younger borrowers. As well as the impact on household spending from lower disposable incomes, there could also be financial stability implications, depending on how increases in the debt service burden affect households' ability to repay debt.
Author : Heikki Hiilamo
Publisher : Edward Elgar Publishing
ISBN 13 : 9781785369865
Total Pages : 192 pages
Book Rating : 4.3/5 (698 download)
Download or read book Household Debt and Economic Crises written by Heikki Hiilamo and published by Edward Elgar Publishing. This book was released on 2018-08-31 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent global recession, preceded by easy access to credit, led to a household debt epidemic. This book examines the causes, consequences and potential public policies related to debt from a social policy perspective, in which over-indebtedness is understood as a social risk. Heikki Hiilamo presents a unique conceptual and theoretical approach to the topic - one of the most pressing social issues of the modern Western world. The trajectories of increasing household debt are studied in the contexts of the US and the UK, Germany, the Netherlands, Finland and Norway. Household Debt and Economic Crises examines remedies to prevent and alleviate the over-indebtedness epidemic, creating a conceptual framework with which to analyse the causes and consequences of debt. Hiilamo argues that social policies are needed to tackle the current borrowing crisis that endangers and prevents the full participation in society of individuals with excessive debts.Academics and students of social policy, economics and social-epidemiology will find this an indispensable and thought-provoking read. With analysis of countries across Europe and the US, policymakers, public officials and NGOs working with household debt problems will find this a timely addition to the literature for highlighting future paths in research and policy.
Author : Ms.Elena Loukoianova
Publisher : International Monetary Fund
ISBN 13 : 1498306489
Total Pages : 39 pages
Book Rating : 4.4/5 (983 download)
Download or read book Household Debt, Consumption, and Monetary Policy in Australia written by Ms.Elena Loukoianova and published by International Monetary Fund. This book was released on 2019-04-05 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the evolution of the household debt in Australia and finds that while higher-income and higher-wealth households tend to have higher debt, lower-income households may become more vulnerable to rising debt service over time. Then, the paper analyzes the impact of a monetary policy shock on households’ current consumption and durable expenditures depending on the level of household debt. The results corroborate other work that households’ response to monetary policy shocks depends on their debt and income levels. In particular, households with higher debt tend to reduce their current consumption and durable expenditures more than other households in response to a contractionary monetary policy shocks. However, households with low debt may not respond to monetary policy shocks, as they hold more interest-earning assets.
Author : Sushil Wadhwani
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Household Indebtedness, the Exchange Rate and Risks written by Sushil Wadhwani and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this speech, Sushil B Wadhwani argues that the current rate of growth in household debt is unsustainable, but the vulnerability of the economy to rising debt should not be exaggerated. Australia and New Zealand have experienced significant exchange rate depreciations at a time when household debt rose strongly. So far, the impact on consumer price inflation and interest rates in these economies has been modest. He also notes that holding interest rates higher than necessary to hit the inflation target might lead to an even higher exchange rate, which may increase future inflation volatility and weaken the corporate sector.
