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• W3122956158 abstract "This paper reviews, for a number of OECD economies, macroeconomic developments in household balance sheets over the past two decades. The main findings show that the rise in household debt to historical levels has been driven by a combination of favourable financial conditions and buoyant housing markets. There have also been a number of supply-side innovations in credit markets that have eased the access to credit for lower income borrowers and reduced financial constraints for first-time homebuyers. Total household net wealth has risen and provided households with a financial cushion against a negative shock. That said, households in a number of countries have leveraged balance sheets and the sensitivity to house price and interest rate developments has likely increased. The paper then examines micro level information which suggests that most of the debt is held by households better able to manage it. In particular, the major part of debt is held by higher-income households, who also spend a smaller proportion of their disposable income servicing debts. Lower-income households, with less ability to service debt, do not hold that much and, as such, the spill over effects from this group to the rest of the economy are perhaps not large. Whether the situation remains benign or not is discussed in the final section of the paper. Estimates presented point to significant effects of changes in net wealth on household saving rates in a large number of the countries studied. Les menages sont-ils plus vulnerables du fait de leur endettement croissant? Cette etude examine pour un certain nombre de pays de l’OCDE, l’evolution macroeconomique des bilans des menages depuis deux decennies. Le fait que l’endettement des menages, en particulier sous la forme d’emprunts hypothecaires atteigne des niveaux records dans plusieurs pays tient a des conditions financieres favorables et au dynamisme du marche du logement. En outre, un certain nombre d’innovations sont apparues du cote de l’offre sur le marche du credit et ont facilite l’emprunt pour les titulaires de bas revenus tout en allegeant les contraintes financieres pour les primo-acquereurs. De plus, le patrimoine net des menages a aussi cru et permet de proteger financierement les menages en cas de choc negatif. Cela etant, l’effet de levier des menages semblent important dans plusieurs pays et la sensibilite a l’evolution des prix des logements et des taux d’interet s’est probablement accentuee. L'etude analyse ensuite des informations microeconomiques et montrent que la majeure partie de l’endettement est le fait des menages les mieux a meme de le gerer. En particulier, la dette a ete surtout contractee par les menages a revenu eleve, qui affectent une plus faible proportion de leur revenu disponible au service de leur dette. Les menages a bas revenu, dont la capacite de service de la dette est moindre, ne representent pas une aussi forte proportion de l’endettement, de sorte que l’impact de la situation de cette categorie sur le reste de l’economie n’est sans doute pas tres marque. Les consequences de ce phenomene sont discutees dans la derniere partie de cette etude. Les estimations suggerent des effets de richesse important sur le taux d'epargne des menages dans plusieurs pays." @default.
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• W3122956158 date "2006-12-13" @default.
• W3122956158 modified "2023-09-27" @default.
• W3122956158 title "Has the Rise in Debt Made Households More Vulnerable" @default.
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