Mortgage Indebtedness and Household Financial Distress
نویسندگان
چکیده
منابع مشابه
Housing Wealth and Household Indebtedness: Is there a Household 'Financial Accelerator'
The ‘financial accelerator’ model when applied to households states that shocks to household balance sheets (primarily changes in house prices) amplify fluctuations in consumer spending by tightening or relaxing collateral constraints on borrowing. We construct an alternative model where households also have access to unsecured debt, and examine the effect of shocks to house prices on debt-fina...
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We examine the ‘financial accelerator’ model of household behaviour, whereby shocks to household balance sheets increase the amplitude of fluctuations in consumer spending by tightening or unbinding collateral constraints. We construct an alternative model where households have access to both secured and unsecured debt, and examine the consequences of shocks to household balance sheets (primari...
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Household borrowing has increased considerably in a number of countries over the past two decades, both in absolute terms and relative to household income (see CGFS (2006), BSC (2007), Girouard et al (2007) and Warnock and Warnock (2007)). Two factors that have probably been important in the increase in indebtedness are financial deregulation, which has decreased the level of credit rationing, ...
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2 Housing belongs to the category of durable consumption goods defined as those that may be used repeatedly or continuously over a period of more than a year, assuming a normal or average rate of physical usage. The U.S. residential housing market has gone through important changes since the mid-1980s. Most noticeably, significant developments have taken place in the housing finance system. Con...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1456593