Household debt and social interactions : [Version 18 Januar 2013]
- Debt-induced crises, including the subprime, are usually attributed exclusively to supply-side factors. We uncover an additional factor contributing to debt culture, namely social influences emanating from the perceived average income of peers. Using unique information from a representative household survey of the Dutch population that circumvents the need to define 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 check the robustness of our results using several approaches to rule out spurious associations and handle correlated effects.
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| Verfasserangaben: | Dimitris Georgarakos, Michael HaliassosORCiDGND, Giacomo Pasini |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-296532 |
| URL: | http://ssrn.com/abstract=2208516 |
| DOI: | https://doi.org/10.2139/ssrn.2208516 |
| Titel des übergeordneten Werkes (Deutsch): | SAFE working paper series ; No. 1 |
| Schriftenreihe (Bandnummer): | SAFE working paper (1) |
| Verlag: | Goethe-Univ., House of Finance, Sustainable Architecture for Finance in Europe, SAFE |
| Verlagsort: | Frankfurt am Main |
| Dokumentart: | Arbeitspapier |
| Sprache: | Englisch |
| Jahr der Fertigstellung: | 2013 |
| Jahr der Erstveröffentlichung: | 2013 |
| Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Datum der Freischaltung: | 15.04.2013 |
| Freies Schlagwort / Tag: | consumer credit; household debt; household finance; informal loans; mortgages; social interactions |
| Ausgabe / Heft: | Version 18 Januar 2013 |
| Seitenzahl: | 47 |
| HeBIS-PPN: | 336921284 |
| Institute: | Wirtschaftswissenschaften / Wirtschaftswissenschaften |
| Wissenschaftliche Zentren und koordinierte Programme / House of Finance (HoF) | |
| Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) | |
| DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Lizenz (Deutsch): |  Deutsches Urheberrecht |
