TY  - UNPD
A1  - Georgarakos, Dimitris
A1  - Haliassos, Michael
A1  - Pasini, Giacomo
T1  - Household debt and social interactions
N2  - Debt-induced crises, including the subprime, are usually attributed exclusively to supply-side factors. We examine the role of social influences on debt culture, emanating from perceived average income of peers. Utilizing unique information from a household survey representative of the Dutch population, that circumvents the issue of defining the social circle, we consider collateralized, consumer, and informal loans. We find robust social effects on borrowing, especially among those who consider themselves poorer than their peers; and on indebtedness, suggesting a link to financial distress. We employ a number of approaches to rule out spurious associations and to handle correlated effects.
T3  - CFS working paper series - 2012, 05 
KW  - Household Finance
KW  - Household Debt
KW  - Social Interactions
KW  - Mortgages
KW  - Consumer Credit
KW  - Informal Loans
Y1  - 2012
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/24086
UR  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:hebis:30:3-240863
PB  - Goethe-Univ., House of Finance, Center for Financial Studies
CY  - Frankfurt am Main
ER  -