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L’endettement des ménages

Author

Listed:
  • Gastón Giordana
  • Michael Ziegelmeyer

Abstract

High inflation and rising interest rates could increase financial vulnerability among Luxembourg households. This analysis uses micro-data on individual households from the Luxembourg Household Finance and Consumption Survey (HFCS) to calculate standard debt burden indicators and simulates their evolution through the end of 2023 based on BCL macroeconomic projections. According to several indicators, the share of financially vulnerable households increased from 2018 to 2021. Our simulations suggest this trend continued in 2022 and 2023 for those indicators that focus on the risk of delayed payment, although it may have reverted for other indicators that focus on the level of debt. Risk is concentrated among low-income households, but indebted households in this group only account for 11% of the number of mortgage contracts and 9% of aggregate household sector debt.

Suggested Citation

  • Gastón Giordana & Michael Ziegelmeyer, 2022. "L’endettement des ménages," BCL Bulletin Analyses, Central Bank of Luxembourg, vol. 2022, pages 45-48.
    • Handle: RePEc:bcl:bclban:bclanalyse20222a5
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    File URL: https://www.bcl.lu/fr/publications/bulletins_bcl/BCLAnalyse/20222A5.pdf
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    More about this item

    Keywords

    Household debt; financial vulnerability; interest rates; micro-simulation;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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