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Author: Hans-W. Micklitz
Publisher: Routledge
ISBN: 1317161262
Category : Law
Languages : en
Pages : 259
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Book Description
This book analyses the dichotomy between the goal of social inclusion and the effect of social exclusion through over-indebtedness since 2008 in Europe. Filling a vital gap in the current literature on the effects of the financial and economic crisis, this volume puts into context academic discussion with the real-life dimension of over-indebtedness. Reports from six European countries provide socio-economic and legal information on over-indebtedness as well as the regulatory and judicial responses to the problems entailed by over-indebtedness. They form the empirical background for five analyses of different aspects of the inclusion-exclusion dichotomy. It becomes clear that in the context of credit expansion, individual over-indebtedness has turned into a social issue, which the current design of the consumer credit and mortgage system in Europe has helped to produce while disregarding the consequential danger of social exclusion.
Author: Hans-W. Micklitz
Publisher: Routledge
ISBN: 1317161262
Category : Law
Languages : en
Pages : 259
Get Book Here
Book Description
This book analyses the dichotomy between the goal of social inclusion and the effect of social exclusion through over-indebtedness since 2008 in Europe. Filling a vital gap in the current literature on the effects of the financial and economic crisis, this volume puts into context academic discussion with the real-life dimension of over-indebtedness. Reports from six European countries provide socio-economic and legal information on over-indebtedness as well as the regulatory and judicial responses to the problems entailed by over-indebtedness. They form the empirical background for five analyses of different aspects of the inclusion-exclusion dichotomy. It becomes clear that in the context of credit expansion, individual over-indebtedness has turned into a social issue, which the current design of the consumer credit and mortgage system in Europe has helped to produce while disregarding the consequential danger of social exclusion.
Author: Federico Ferretti
Publisher: Cambridge University Press
ISBN: 1108426735
Category : Business & Economics
Languages : en
Pages : 257
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Book Description
Analyses personal debt and the over-indebtedness of consumers in the European Union from the multi-disciplinary perspectives of economics, policy, and law.
Author: Ales Chmelar
Publisher:
ISBN:
Category : Consumer credit
Languages : en
Pages : 11
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Book Description
Double-dip or prolonged recessions have far-reaching consequences on household debt, often distinct from an ordinary brief single-dip recession. Firstly, after the exhaustion of households' asset buffers during the first-dip recession, and when unemployment hits more mortgage-exposed parts of the population, the second-dip recession can trigger a second and potentially more important wave of non-performing loans. Secondly, household debt reduction weighs significantly on the aggregate demand and triggers a vicious debt-deflation cycle, further deepening the recession and preventing households from reducing their debt levels to more sustainable levels. Effective and swift solutions are technically and politically difficult to introduce due to the current institutional and political context, but they are vital in order to achieve sustainable household credit markets in Europe's periphery and beyond.
Author: Ms.Yan Liu
Publisher: International Monetary Fund
ISBN: 1475544308
Category : Business & Economics
Languages : en
Pages : 21
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Book Description
The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.
Author: Hans-W. Micklitz
Publisher: Lund Humphries Publishers
ISBN: 9781472449047
Category : Bankruptcy
Languages : en
Pages : 256
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Book Description
This book analyses the dichotomy between the goal of social inclusion and the effect of social exclusion through over-indebtedness since 2008 in Europe. Filling a vital gap in the current literature on the effects of the financial and economic crisis, this volume puts into context academic discussion with the real-life dimension of over-indebtedness. Reports from six European countries provide socio-economic and legal information on over-indebtedness as well as the regulatory and judicial responses to the problems entailed by over-indebtedness. They form the empirical background for five analyses of different aspects of the inclusion-exclusion dichotomy. It becomes clear that in the context of credit expansion, individual over-indebtedness has turned into a social issue, which the current design of the consumer credit and mortgage system in Europe has helped to produce while disregarding the consequential danger of social exclusion.
Author: Hans Dubois
Publisher:
ISBN: 9789289720571
Category :
Languages : en
Pages :
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Book Description
The issue of over-indebtedness continues to be a concern, particularly among some population groups and in Member States where recent increases can be observed. This report provides an overview of the main causes, triggers and consequences of household over-indebtedness, including the costs to society. It then examines two policy responses in the EU and Norway: debt advisory services and debt settlement procedures. While the findings show that in the wake of the global financial crisis, such services and procedures have generally become more widely available and accessible, gaps remain. The overall aim of the report is to draw the attention of national and EU-level policymakers to ways to improve policy responses to household over-indebtedness. This report examines debt advisory services and debt settlement procedures across the EU and Norway. Following the global financial crisis, these services and procedures are more widely available in many Member States. However, there are gaps in terms of access. By learning from practices across the EU, there is an opportunity at regional, national and EU levels to develop policies that serve to address household indebtedness.
Author: Samba Mbaye
Publisher: International Monetary Fund
ISBN: 1484353595
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
This paper describes the compilation of the Global Debt Database (GDD), a cutting-edge dataset covering private and public debt for virtually the entire world (190 countries) dating back to the 1950s. The GDD is the result of a multiyear investigative process that started with the October 2016 Fiscal Monitor, which pioneered the expansion of private debt series to a global sample. It differs from existing datasets in three major ways. First, it takes a fundamentally new approach to compiling historical data. Where most debt datasets either provide long series with a narrow and changing definition of debt or comprehensive debt concepts over a short period, the GDD adopts a multidimensional approach by offering multiple debt series with different coverages, thus ensuring consistency across time. Second, it more than doubles the cross-sectional dimension of existing private debt datasets. Finally, the integrity of the data has been checked through bilateral consultations with officials and IMF country desks of all countries in the sample, setting a higher data quality standard.
Author: James Ming Chen
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper evaluates drivers of personal overindebtedness among the member-states of the European Union (EU). Personal overindebtedness gives rise to poverty, social exclusion, and other serious private and social problems. The EU, however, has neither adopted a common definition of overindebtedness nor assembled consistent statistical data on the phenomenon. This paper explores whether tax policy, indicators of economic freedom, and macroeconomic traits such as the debt-to-GDP ratio can explain private indebtedness in different EU countries. A gantlet of sparsity-inducing regression methods isolates two policies that reduce household debt and two policies that increase it. The level of social contributions and the overall tax burden are associated with lower private debt. The ratio of public debt to GDP and financial freedom elevate private debt. Future research can expand the methodological toolkit to other linear and machine-learning approaches. It should also examine demographic drivers of debt, such as sex and education.
Author: Luca Barbaglia
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We investigate the role and impact of household debt on the economic performance of the European economy during the double-dip recession of 2008-2013. We use a loan-level data set of millions of residential mortgages originated between 2000 and 2013 to calculate regional indicators of household debt and property prices. The granular information allows us to construct a measure of interest rate mispricing during the housing boom that we use to identify the effect of a credit shock on household debt. Our analysis provides three main conclusions. First, in the period 2004-2006 the measure of credit shock was negative in most European regions which indicates that credit conditions were significantly relaxed relative to earlier years. Second, we find that regions in which household leverage increased more rapidly during the 2002-2007 period experienced a more severe decline in output and employment after 2008. These results are consistent with the view that an aggregate credit supply expansion in Europe boosted household leverage and house prices. Third, we find that the credit shock had the largest effect on increasing leverage for the low-income and the middle-income households, although the leverage of the high-income households represents a more powerful predictor of the decline in economic activity.
Author: Ales Chmelar
Publisher:
ISBN: 9789290799894
Category :
Languages : en
Pages : 32
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Book Description
The fall in economic output all over Europe since 2008 has had important consequences for household liabilities. Major growth in demand and supply for household credit products has generated an increase in household debt, which contributed to growth rates during the pre-crisis period but - in some countries - became household-debt overhangs and helped inflate asset bubbles. In the run-up to the crisis, long-term economic lessons and theories were often overlooked and signs that the economic situation could worsen were ignored. Although not at the core of the crisis, household debt had important consequences for macroeconomic stability, robustness of growth and the depth of recessions. The last ten years in Europe have demonstrated the typical final stage of a household debt cycle: rapid increase and abrupt retrenchment. Widely varying outcomes across Europe enable us to consider the causes of the rapid growth in household debt and draw theoretical lessons that can help policy-makers and academics devise a coherent regulatory response to avoid extremes of the debt cycle in future.
