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Dynamics behind the Rise in Household Debt in Advanced Capitalist Countries An Overview

Author

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  • Elif Karacimen

    (Recep Tayyip Erdogan University, Rize, Turkey)

Abstract

This paper examines the dynamics behind the rise in household indebtedness across different countries as a part of financialisation of household income over the last few decades. It argues that the current rise in consumer credit and household debt is historically unique, especially regarding the socioeconomic conditions under which consumer credit operates. An accurate understanding of the phenomenon necessitates including a multidimensional analysis of the many transformations that capitalism has been undergoing such as transformations in the welfare systems, changes in labour markets and developments in the financial sector. In doing so, an emphasis should be put on differences within and across countries and how the rise in household debt and the financialisation of household income have occurred in various ways.

Suggested Citation

  • Elif Karacimen, 2013. "Dynamics behind the Rise in Household Debt in Advanced Capitalist Countries An Overview," Working papers wpaper09, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    • Handle: RePEc:fes:wpaper:wpaper09
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    Citations

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    Cited by:

    1. Hanna Karolina Szymborska, 2022. "Rethinking inequality in the 21st century – inequality and household balance sheet composition in financialized economies," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 45(1), pages 24-72, January.
    2. Hanna Karolina Szymborska, 2018. "Household wealth structures and position in the income distribution – econometric analysis for the USA, 1989-2013," Working Papers PKWP1806, Post Keynesian Economics Society (PKES).
    3. Betzelt, Sigrid & Santos, Ana C. & Lopes, Cláudia A., 2016. "Financialisation and work: New transdisciplinary insights from micro-level survey data," IPE Working Papers 77/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    4. Szymborska, Hanna Karolina, 2019. "Wealth structures and income distribution of US households before and after the Great Recession," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 168-185.

    More about this item

    Keywords

    household debt; financialisation of personal income; consumer credit; political economy;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis

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