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Household debt in CESEE economies: a joint look at macro- and micro-level data

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  • Aleksandra Riedl

    (Oesterreichische Nationalbank, Foreign Research Division)

Abstract

Household debt can constitute a major risk to macrofinancial stability. This paper presents an overview of potential vulnerabilities stemming from household debt in ten Central, Eastern and Southeastern European (CESEE) economies, using the most recently available data. Unlike other papers that only evaluate macrofinancial risks, we take a complementary view on household debt. First, we provide several indicators based on macro-level data that are frequently used to assess macrofinancial risks. Second, we employ unique and newly available data from the OeNB Euro Survey conducted in fall 2017 to arrive at several vulnerability indicators that have not been available for most of the CESEE economies so far. Our analysis does not aim to provide a final risk assessment by evaluating all indicators within an elaborated analytical framework but to highlight the advantages of jointly looking at macro- and microlevel indicators when assessing macrofinancial risks.

Suggested Citation

  • Aleksandra Riedl, 2019. "Household debt in CESEE economies: a joint look at macro- and micro-level data," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q1/19, pages 6-28.
    • Handle: RePEc:onb:oenbfi:y:2019:i:q1/19:b:1
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    References listed on IDEAS

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    Cited by:

    1. Aleksandra Riedl, 2021. "Are CESEE borrowers at risk? COVID-19 implications in a stress test analysis," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q1/21, pages 37-53.
    2. Mariya Hake & Philipp Poyntner, 2019. "Household loans in CESEE from a new perspective: the role of income distribution," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q2/19, pages 75-93.
    3. Krunoslav Zauder & Mate Rosan, 2022. "Which Loans Do We Take? A Micro-Level Analysis of Croatian Households' Debt Participation," Croatian Economic Survey, The Institute of Economics, Zagreb, vol. 24(1), pages 5-41, June.
    4. Marc Bittner, 2021. "Which borrower in CESEE gets which loan? Evidence from the OeNB Euro Survey," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/21, pages 77-92.

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    More about this item

    Keywords

    bank loans; DSTI; macrofinancial risk; household vulnerabilities; emerging Europe;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises

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