TY  - UNPD
A1  - Georgarakos, Dimitris
A1  - Haliassos, Michael
A1  - Pasini, Giacomo
T1  - Household debt and social interactions : [Version 18 Januar 2013]
T2  - SAFE working paper series ; No. 1
N2  - 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.
T3  - SAFE working paper - 1 
KW  - household finance
KW  - household debt
KW  - social interactions
KW  - mortgages
KW  - consumer credit
KW  - informal loans
Y1  - 2013
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/29653
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-296532
UR  - http://ssrn.com/abstract=2208516
IS  - Version 18 Januar 2013
PB  - Goethe-Univ., House of Finance, Sustainable Architecture for Finance in Europe, SAFE
CY  - Frankfurt am Main
ER  -