Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/336485 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
NBB Working Paper No. 485
Verlag: 
National Bank of Belgium, Brussels
Zusammenfassung: 
We study heterogeneity in households' credit across nine European countries (Belgium, Spain, Hungary, Ireland, Italy, Latvia, Lithuania, Portugal, and Slovakia) during 2022-2024 using granular credit register data. We first document substantial between- and within-country variation in mortgage and consumer lending by borrower age, loan maturity, and interest rate fixation. We then quantify the pass-through of the ECB's recent tightening cycle to household borrowing costs and assess its heterogeneous impact across households. Pass-through is nearly complete for mortgages (around 0.9) but considerably weaker for consumer credit (around 0.4). While mortgage pass-through is relatively homogeneous across countries, consumer credit shows pronounced cross-country differences that cannot be explained by borrower or loan characteristics. Younger households face stronger mortgage pass-through but weaker consumer credit pass-through relative to older borrowers, and longer maturities are associated with stronger pass-through in both credit markets.
Schlagwörter: 
monetary policy transmission
household borrowing
credit registers
interest rate pass-through
cross-country heterogeneity
JEL: 
E52
G21
D14
Dokumentart: 
Working Paper

Datei(en):
Datei
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