Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/232007 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
GLO Discussion Paper No. 799
Verlag: 
Global Labor Organization (GLO), Essen
Zusammenfassung: 
This paper investigates the potentially non-linear relation between households' indebtedness and their consumption between 2010 and 2014 in Belgium, using panel data from the two waves of the Household Finance and Consumption Survey. Unlike previous studies, we find a negative effect of households' indebtedness on their consumption, even in the absence of negative shock on their assets. Our findings suggest that, without such a shock, it is the day-to-day sustainability of the debt, rather than its overall sustainability, that leads households to reduce their consumption. We perform as well a threshold analysis, whose results suggest that households should not have a debt-service-to-income ratio greater than 30%. The effect appears to be robust to various specifications, to result from a trade-off between housing and consumption, and to be more prevalent among more fragile households.
Schlagwörter: 
Households
Indebtedness
Consumption
Debt-Service-to-Income
Non-linear Heterogeneous Effects
JEL: 
D12
D14
E21
Dokumentart: 
Working Paper

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