Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/322045 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
ECB Working Paper No. 3034
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
Large-scale debt forbearance is a key policy tool during crises, yet targeting is challenging due to information asymmetries. Using transaction-level data from a Portuguese bank during COVID-19, we find that financially fragile households are more likely to enter forbearance, irrespective of income shocks. Mortgage payment suspension increases consumption and savings, but effects differ across households. Low liquid wealth and income are associated with a higher marginal propensity to consume. Additionally, ineligible households accessing forbearance show a higher propensity to consume than eligible ones. Our results suggest that observable household characteristics can help in the design of effective debt relief policies.
Schlagwörter: 
Debt forbearance
Mortgages
Consumption
Income
COVID-19 pandemic
JEL: 
E21
E62
G28
G50
H31
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-7116-4
Dokumentart: 
Working Paper

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