Household Deleveraging and Saving Rates : A Cross-Country Analysis /

Household Deleveraging and Saving Rates : A Cross-Country Analysis /

Historically high household debt in several economies is calling for a deleveraging, but according to some economists, this adjustment can slow GDP growth by weighing on consumption. Using a sample of advanced and emerging market economies, this paper finds evidence of a negative relationship betwee...

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Dettagli Bibliografici
Autore principale: Bouis, Romain
Natura: Periodico
Lingua:English
Pubblicazione: Washington, D.C. : International Monetary Fund, 2021.
Serie:IMF Working Papers; Working Paper ; No. 2021/257
Soggetti:
Financial Crises
Financial Markets and the Macroeconomy
Macroeconomics
Saving
Wealth
Accesso online:Full text available on IMF
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245 1 0 |a Household Deleveraging and Saving Rates :   |b A Cross-Country Analysis /  |c Romain Bouis. 
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490 1 |a IMF Working Papers 
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520 3 |a Historically high household debt in several economies is calling for a deleveraging, but according to some economists, this adjustment can slow GDP growth by weighing on consumption. Using a sample of advanced and emerging market economies, this paper finds evidence of a negative relationship between changes of household debt-to-income ratios and saving rates. This relationship is however asymmetric, being significant only for debt build-ups. Declining debt ratios and saving are significantly related in some economies, but the relationship is driven by consumer credit, not by mortgages. Results therefore suggest that the economic cost associated with household deleveraging may be overestimated and motivate a deleveraging via lower mortgages. 
538 |a Mode of access: Internet 
650 7 |a Financial Crises  |2 imf 
650 7 |a Financial Markets and the Macroeconomy  |2 imf 
650 7 |a Macroeconomics  |2 imf 
650 7 |a Saving  |2 imf 
650 7 |a Wealth  |2 imf 
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856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2021/257/001.2021.issue-257-en.xml  |z IMF e-Library 

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