Understanding the Macro-Financial Effects of Household Debt : A Global Perspective /

Understanding the Macro-Financial Effects of Household Debt : A Global Perspective /

We confirm the negative relationship between household debt and future GDP growth documented in Mian, Sufi, and Verner (2017) for a wider set of countries over the period 1950-2016. Three mutually reinforcing mechanisms help explain this relationship. First, debt overhang impairs household consumpti...

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Autore principale: Alter, Adrian
Altri autori: Valckx, Nico, Xiaochen Feng, Alan
Natura: Periodico
Lingua:English
Pubblicazione: Washington, D.C. : International Monetary Fund, 2018.
Serie:IMF Working Papers; Working Paper ; No. 2018/076
Accesso online:Full text available on IMF
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100 1 |a Alter, Adrian. 
245 1 0 |a Understanding the Macro-Financial Effects of Household Debt :   |b A Global Perspective /  |c Adrian Alter, Alan Xiaochen Feng, Nico Valckx. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2018. 
300 |a 1 online resource (49 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a We confirm the negative relationship between household debt and future GDP growth documented in Mian, Sufi, and Verner (2017) for a wider set of countries over the period 1950-2016. Three mutually reinforcing mechanisms help explain this relationship. First, debt overhang impairs household consumption when negative shocks hit. Second, increases in household debt heighten the probability of future banking crises, which significantly disrupts financial intermediation. Third, crash risk may be systematically neglected due to investors' overoptimistic expectations associated with household debt booms. In addition, several institutional factors such as flexible exchange rates, higher financial development and inclusion are found to mitigate this impact. Finally, the tradeoff between financial inclusion and stability nuances downside risks to growth. 
538 |a Mode of access: Internet 
700 1 |a Valckx, Nico. 
700 1 |a Xiaochen Feng, Alan. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2018/076 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2018/076/001.2018.issue-076-en.xml  |z IMF e-Library 

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