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Wealth and debts of households in France, Germany and Italy before the Covid 19 crisis
[Patrimoine et endettement des ménages en France, en Allemagne et en Italie avant la crise Covid-19]

Author

Listed:
  • Coffinet Jérome
  • Mouliom Michel
  • Garbinti Bertrand
  • Savignac Frédérique

Abstract

The current health crisis associated with the Covid-19 pandemic is expected to have a non-negligible impact on household income, wealth, savings and consumption behaviour. While it is currently impossible to ascertain the magnitude and duration of the shock, it is likely to affect households differently depending on their pre-crisis situation and the severity with which countries are affected. This article sheds light on the financial position of households before the crisis in France, Germany and Italy. It focuses more specifically on changes in their debt and property wealth since 2010, broken down according to household income levels. It is based on a survey conducted by the central banks of the Eurosystem (Household Finance and Consumption Survey, 2020a and 2020b – for Spain, data not available before the end of 2020). La crise sanitaire actuelle liée à la pandémie de Covid-19 est susceptible d’avoir un impact non négligeable sur les revenus, le patrimoine, les comportements d’épargne et de consommation des ménages. S’il n’est pas possible de connaître aujourd’hui l’ampleur et la durée du choc, il est probable qu’il affectera les ménages différemment en fonction de leur situation avant la crise et de la gravité avec laquelle les pays sont touchés. Cet article propose un éclairage sur la situation financière des ménages avant la crise en France, en Allemagne et en Italie. Il s’intéresse plus spécifiquement à l’évolution de l’endettement et du patrimoine immobilier depuis 2010, selon les niveaux de revenu des ménages. Il s’appuie sur une enquête conduite par les banques centrales de l’Eurosystème (Household Finance and Consumption Survey, 2020a et 2020b – pour l’Espagne, données non disponibles avant fin 2020).

Suggested Citation

  • Coffinet Jérome & Mouliom Michel & Garbinti Bertrand & Savignac Frédérique, 2020. "Wealth and debts of households in France, Germany and Italy before the Covid 19 crisis [Patrimoine et endettement des ménages en France, en Allemagne et en Italie avant la crise Covid-19]," Bulletin de la Banque de France, Banque de France, issue 230.
  • Handle: RePEc:bfr:bullbf:2020:230:03
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    References listed on IDEAS

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    1. Marcel P. Timmer & Erik Dietzenbacher & Bart Los & Robert Stehrer & Gaaitzen J. Vries, 2015. "An Illustrated User Guide to the World Input–Output Database: the Case of Global Automotive Production," Review of International Economics, Wiley Blackwell, vol. 23(3), pages 575-605, August.
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    4. David Baqaee & Emmanuel Farhi, 2022. "Supply and Demand in Disaggregated Keynesian Economies with an Application to the COVID-19 Crisis," American Economic Review, American Economic Association, vol. 112(5), pages 1397-1436, May.
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    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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