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Consumption and Credit Constraints: International evidence

Citations

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Cited by:

  1. David M. Williams, 2009. "House prices and financial liberalisation in Australia," Economics Series Working Papers 432, University of Oxford, Department of Economics.
  2. Ying’ai Piao & Meiru Li & Hongyuan Sun & Ying Yang, 2023. "Income Inequality, Household Debt, and Consumption Growth in the United States," Sustainability, MDPI, vol. 15(5), pages 1-13, February.
  3. Douglas Lamdin, 2008. "Does Consumer Sentiment Foretell Revolving Credit Use?," Journal of Family and Economic Issues, Springer, vol. 29(2), pages 279-288, June.
  4. Adam Gersl & Jakub Seidler, 2011. "Excessive Credit Growth as an Indicator of Financial (In)Stability and its Use in Macroprudential Policy," Occasional Publications - Chapters in Edited Volumes, in: CNB Financial Stability Report 2010/2011, chapter 0, pages 112-122, Czech National Bank.
  5. Iacoviello, Matteo, 2004. "Consumption, house prices, and collateral constraints: a structural econometric analysis," Journal of Housing Economics, Elsevier, vol. 13(4), pages 304-320, December.
  6. Narayan Kundan Kishor, 2021. "Forecasting real‐time economic activity using house prices and credit conditions," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 40(2), pages 213-227, March.
  7. Talnan Aboulaye Toure, 2023. "Financial inclusion, entrepreneurs’ credit risk exposure and social planner financial policy," Economic Change and Restructuring, Springer, vol. 56(4), pages 2747-2799, August.
  8. Douglas Lamdin, 2008. "Galbraith on Advertising, Credit, and Consumption: A Retrospective and Empirical Investigation with Policy Implications," Review of Political Economy, Taylor & Francis Journals, vol. 20(4), pages 595-611.
  9. Eva Sierminska & Alena Bicáková, 2007. "Homeownership Inequality and the Access to Credit Markets. Can Credit Availability Explain Cross-country Differences in the Inequality of Homeownership across Income of Young Households?," LWS Working papers 5, LIS Cross-National Data Center in Luxembourg.
  10. Fatih Ozatay, 2008. "Expansionary Fiscal Consolidations: New Evidence from Turkey," Working Papers 0805, TOBB University of Economics and Technology, Department of Economics.
  11. Camille Hainnaux & Thomas Seegmuller, 2022. "Pollution versus Inequality: Tradeoffs for Fiscal Policy," Working Papers hal-03792493, HAL.
  12. Emara, Noha & El Said, Ayah & Pearlman, Joseph, 2019. "On the Impact of Financial Inclusion on Financial Stability and Inequality: The Role of Macroprudential Policies," MPRA Paper 99258, University Library of Munich, Germany.
  13. Jenny Gu & Rodrigo J. Hernandez & Pu Liu & Yingying Shao, 2017. "Mortgage loan securitization and personal consumption smoothening," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(1), pages 100-115, January.
  14. Michael Haliassos & Christis Hassapis, 1998. "Borrowing Constraints, Portfolio Choice, and Precautionary," Macroeconomics 9809008, University Library of Munich, Germany.
  15. G. Peersman & L. Pozzi, 2004. "Determinants of consumption smoothing," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/231, Ghent University, Faculty of Economics and Business Administration.
  16. Pozzi, Lorenzo, 2010. "Idiosyncratic labour income risk and aggregate consumption: An unobserved component approach," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 169-184, March.
  17. B. Douglas Bernheim & Debraj Ray & Şevin Yeltekin, 2015. "Poverty and Self‐Control," Econometrica, Econometric Society, vol. 83(5), pages 1877-1911, September.
  18. Seppo Honkapohja & Erkki Koskela, 1999. "The economic crisis of the 1990s in Finland," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 14(29), pages 400-436.
  19. Emara, Noha & El Said, Ayah, 2021. "Financial inclusion and economic growth: The role of governance in selected MENA countries," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 34-54.
  20. Dovchinsuren, Khaliun, 2023. "How does excessive volatility of consumption vary across countries?," Japan and the World Economy, Elsevier, vol. 67(C).
  21. Peter Quartey, 2005. "Financial Sector Development, Savings Mobilization and Poverty Reduction in Ghana," WIDER Working Paper Series RP2005-71, World Institute for Development Economic Research (UNU-WIDER).
  22. Bruno Albuquerque & Georgi Krustev, 2018. "Debt Overhang and Deleveraging in the US Household Sector: Gauging the Impact on Consumption," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 64(2), pages 459-481, June.
  23. K Alec Chrystal & Paul Mizen, 2001. "Consumption, money and lending: a joint model for the UK household sector," Bank of England working papers 134, Bank of England.
  24. Gonzalo Paz Pardo & José Manuel Sánchez Santos, 2014. "Household Debt and Consumption Inequality: The Spanish Case," Economies, MDPI, vol. 2(3), pages 1-24, July.
  25. Oguzhan Cepni & Yavuz Selim Hacihasanoglu & Muhammed Hasan Yilmaz, 2020. "Credit decomposition and economic activity in Turkey: A wavelet-based approach," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 20(3), pages 109-131.
  26. Ana María Iregui B. & Ligia Alba Melo B., 2009. "La transmisión de la política monetaria sobre el consumo en presencia de restricciones de liquidez," Borradores de Economia 547, Banco de la Republica de Colombia.
  27. Jean-Charles Bricongne & Aurora Mordonu, 2017. "Interlinkages Between Household and Corporate Debt in Advanced Economies," Open Economies Review, Springer, vol. 28(5), pages 1029-1055, November.
  28. Bosi, Stefano & Seegmuller, Thomas, 2010. "On the role of progressive taxation in a Ramsey model with heterogeneous households," Journal of Mathematical Economics, Elsevier, vol. 46(6), pages 977-996, November.
  29. Christopher D. Carroll & Misuzu Otsuka & Jirka Slacalek, 2006. "How Large Is the Housing Wealth Effect? A New Approach," NBER Working Papers 12746, National Bureau of Economic Research, Inc.
  30. Dean M. Maki, 2000. "The growth of consumer credit and the household debt service burden," Finance and Economics Discussion Series 2000-12, Board of Governors of the Federal Reserve System (U.S.).
  31. Sarantis, Nicholas & Stewart, Chris, 2003. "Liquidity constraints, precautionary saving and aggregate consumption: an international comparison," Economic Modelling, Elsevier, vol. 20(6), pages 1151-1173, December.
  32. Jeremy Kronick, 2017. "Spendthrifts and Savers: Are Canadians Acting Like they are “House Poor” or “House Rich”?," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 482, June.
  33. Reuven Glick & Kevin J. Lansing, 2011. "Consumers and the economy, part I: Household credit and personal saving," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jan10.
  34. Xuejun Jin & Xue Zhou & Xiaolan Yang, 2022. "How does economic policy uncertainty affect the relationship between household debt and consumption?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(5), pages 4783-4806, December.
  35. Tuomas Malinen, 2011. "Income Inequality and Savings: A Reassessment of the Relationship in Cointegrated Panels," DEGIT Conference Papers c016_076, DEGIT, Dynamics, Economic Growth, and International Trade.
  36. Minetti, Raoul & Peng, Tao & Jiang, Tao, 2019. "Keeping up with the Zhangs and house price dynamics in China," Journal of Economic Dynamics and Control, Elsevier, vol. 109(C).
  37. Levent Ozbek & Umit Ozlale & Fikri Ozturk, 2003. "Employing Extended Kalman Filter in a Simple Macroeconomic Model," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 3(1), pages 53-65.
  38. Dooyeon Cho & Dong-Eun Rhee, 2017. "Non-linear adjustments on the excess sensitivity of consumption with liquidity constraints," Applied Economics, Taylor & Francis Journals, vol. 49(41), pages 4180-4187, September.
  39. Adam Gersl & Jakub Seidler, 2012. "Excessive Credit Growth and Countercyclical Capital Buffers in Basel III: An Empirical Evidence from Central and East European Countries," ACTA VSFS, University of Finance and Administration, vol. 6(2), pages 91-107.
  40. Islamaj, Ergys & Kose, M. Ayhan, 2016. "How does the sensitivity of consumption to income vary over time? International evidence," Journal of Economic Dynamics and Control, Elsevier, vol. 72(C), pages 169-179.
  41. Beck Thorsten & Büyükkarabacak Berrak & Rioja Felix K. & Valev Neven T., 2012. "Who Gets the Credit? And Does It Matter? Household vs. Firm Lending Across Countries," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-46, March.
  42. Davide Furceri & Annabelle Mourougane, 2010. "Une lecture de la crise à la lumière des crises passées," Économie et Statistique, Programme National Persée, vol. 438(1), pages 19-42.
  43. Song, Quanyun & Li, Jie & Wu, Yu & Yin, Zhichao, 2020. "Accessibility of financial services and household consumption in China: Evidence from micro data," The North American Journal of Economics and Finance, Elsevier, vol. 53(C).
  44. Gerdie Everaert & Lorenzo Pozzi & Ruben Schoonackers, 2017. "On the Stability of the Excess Sensitivity of Aggregate Consumption Growth in the USA," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 32(4), pages 819-840, June.
  45. Joseph P. Dejuan & John J. Seater & Tony S. Wirjanto, 2010. "Testing the Stochastic Implications of the Permanent Income Hypothesis Using Canadian Provincial Data," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 72(1), pages 89-108, February.
  46. Cheolbeom Park & Pei Fang Lim, 2004. "Excess sensitivity of consumption, liquidity constraints, and mandatory saving," Applied Economics Letters, Taylor & Francis Journals, vol. 11(12), pages 771-774.
  47. Trevor Fitzpatrick & Kieran Mcquinn, 2007. "House Prices And Mortgage Credit: Empirical Evidence For Ireland," Manchester School, University of Manchester, vol. 75(1), pages 82-103, January.
  48. J. Manrique & K. Ojah, 2004. "Credits and non-interest rate determinants of loan demand: a Spanish case study," Applied Economics, Taylor & Francis Journals, vol. 36(8), pages 781-791.
  49. Besley, Timothy & Meads, Neil & Surico, Paolo, 2008. "Household External Finance and Consumption," Discussion Papers 25, Monetary Policy Committee Unit, Bank of England.
  50. Charlotte Ostergaard, 2000. "External Financing Costs and Banks Loan Supply: Does the Structure of the Bank Sector Matter?," FMG Discussion Papers dp357, Financial Markets Group.
  51. Muhammad Shahbaz & Talat Afza & Muhammad Shahbaz Shabbir, 2013. "Financial Development, Domestic Savings and Poverty Reduction in Pakistan: Using Cointegration and Granger Causality Analysis," International Journal of Economics and Empirical Research (IJEER), The Economics and Social Development Organization (TESDO), vol. 1(5), pages 59-73, May.
  52. Sarah Carrington & Jakob B. Madsen, 2011. "House Prices, Credit and Willingness to Lend," The Economic Record, The Economic Society of Australia, vol. 87(279), pages 537-557, December.
  53. Lorenzo Pozzi, 2007. "Idiosyncratic Labour Income Risk and Aggregate Consumption: an Unobserved Component Approach," Tinbergen Institute Discussion Papers 07-069/2, Tinbergen Institute.
  54. Tomas Havranek & Anna Sokolova, 2016. "Do Consumers Really Follow a Rule of Thumb? Three Thousand Estimates from 130 Studies Say "Probably Not"," Working Papers 2016/08, Czech National Bank.
  55. Philipp Baumann & Enzo Rossi & Michael Schomaker, 2022. "Estimating the effect of central bank independence on inflation using longitudinal targeted maximum likelihood estimation," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Machine learning in central banking, volume 57, Bank for International Settlements.
  56. Michael Haliassos & Christis Hassapis, 1998. "Borrowing Constraints, Portfolio Choice, and Precautionary Motives: Theoretical Predictions and Empirical Complications," CSEF Working Papers 11, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  57. Gert Peersman & Lorenzo Pozzi, 2008. "Business Cycle Fluctuations and Excess Sensitivity of Private Consumption," Economica, London School of Economics and Political Science, vol. 75(299), pages 514-523, August.
  58. Anna Florio, 2013. "The Implied Consumer Euler Rate: What Role for Financial Frictions?," CESifo Economic Studies, CESifo Group, vol. 59(4), pages 650-675, December.
  59. van der Drift, Rosa & de Haan, Jan & Boelhouwer, Peter, 2023. "Mortgage credit and house prices: The housing market equilibrium revisited," Economic Modelling, Elsevier, vol. 120(C).
  60. Keunbae Ahn, 2021. "Predictable Fluctuations in the Cross-Section and Time-Series of Asset Prices," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 1-2021, January-A.
  61. Messinis, George & Henry, Olan & Olekalns, Nilss, 2002. "Rational habit modification in consumption," Economic Modelling, Elsevier, vol. 19(4), pages 665-678, August.
  62. Yüksel, Ebru & Metin-Ozcan, Kivilcim & Hatipoglu, Ozan, 2013. "A survey on time-varying parameter Taylor rule: A model modified with interest rate pass-through," Economic Systems, Elsevier, vol. 37(1), pages 122-134.
  63. Gomes, Fábio Augusto Reis & Issler, João Victor & Salvato, Márcio Antônio, 2005. "Principais Características do Consumo de Duráveis no Brasil e Testes de Separabilidade entre Duráveis e Não-Duráveis," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 59(1), January.
  64. Jerome Creel, 1998. "L'assainissement budgétaire au Danemark entre 1983 et 1986 : l'anti-mythe (in French)," Documents de Travail de l'OFCE 1998-02, Observatoire Francais des Conjonctures Economiques (OFCE).
  65. L. Pozzi & F. Heylen & M. Dossche, 2002. "Government debt and the excess sensitivity of private consumption to current income: an empirical analysis for OECD countries," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 02/155, Ghent University, Faculty of Economics and Business Administration.
  66. Jonathan Crook & Stefan Hochguertel, 2007. "US and European Household Debt and Credit Constraints," Tinbergen Institute Discussion Papers 07-087/3, Tinbergen Institute.
  67. Jose Luengo-Prado, Maria, 2006. "Durables, nondurables, down payments and consumption excesses," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1509-1539, October.
  68. Thitima Chucherd, 2006. "The Effect of Household Debt on Consumption in Thailand," Working Papers 2006-06, Monetary Policy Group, Bank of Thailand.
  69. Chmelar, Ales, 2013. "Household Debt and the European Crisis," ECRI Papers 8239, Centre for European Policy Studies.
  70. Gerlach-Kristen, Petra & O'Connell, Brian & O'Toole, Conor, 2013. "How do banking crises affect aggregate consumption? Evidence from international crisis episodes," Papers WP464, Economic and Social Research Institute (ESRI).
  71. Rojas Cama, Freddy A. & Emara, Noha, 2022. "Financial inclusion and gross capital formation: A sectoral analysis approach for the MENA region and EMs," International Review of Financial Analysis, Elsevier, vol. 79(C).
  72. Dynan, Karen E. & Elmendorf, Douglas W. & Sichel, Daniel E., 2006. "Can financial innovation help to explain the reduced volatility of economic activity?," Journal of Monetary Economics, Elsevier, vol. 53(1), pages 123-150, January.
  73. Tomas Havranek & Anna Sokolova, 2020. "Do Consumers Really Follow a Rule of Thumb? Three Thousand Estimates from 144 Studies Say 'Probably Not'," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 35, pages 97-122, January.
  74. Rinaldi, Laura & Sanchis-Arellano, Alicia, 2006. "Household debt sustainability: what explains household non-performing loans? An empirical analysis," Working Paper Series 570, European Central Bank.
  75. De Andrés Mosquera, Andrés, 2017. "Los determinantes a largo plazo y su contribución a la tasa de ahorro de los hogares españoles en el período 1985-2016 || Long-term determinants and its contribution to Spanish household saving rate d," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 24(1), pages 292-339, Diciembre.
  76. Tagkalakis, Athanasios, 2008. "The effects of fiscal policy on consumption in recessions and expansions," Journal of Public Economics, Elsevier, vol. 92(5-6), pages 1486-1508, June.
  77. Kai Dong & Ching-Ter Chang & Shaonan Wang & Xiaoxi Liu, 2021. "The Dynamic Correlation among Financial Leverage, House Price, and Consumer Expenditure in China," Sustainability, MDPI, vol. 13(5), pages 1-18, March.
  78. Davide Furceri & Annabelle Mourougane, 2009. "Financial Crises: Past Lessons and Policy Implications," OECD Economics Department Working Papers 668, OECD Publishing.
  79. L. Pozzi, 2005. "Income uncertainty and aggregate consumption," Working Paper Research 77, National Bank of Belgium.
  80. Berrak Büyükkarabacak & Stefan Krause, 2009. "Studying The Effects Of Household And Firm Credit On The Trade Balance: The Composition Of Funds Matters," Economic Inquiry, Western Economic Association International, vol. 47(4), pages 653-666, October.
  81. Joanne Cutler, 2004. "The Relationship between Consumption, Income and Wealth in Hong Kong," Working Papers 012004, Hong Kong Institute for Monetary Research.
  82. Mr. Tamim Bayoumi & Ola Melander, 2008. "Credit Matters: Empirical Evidence on U.S. Macro-Financial Linkages," IMF Working Papers 2008/169, International Monetary Fund.
  83. Tino Berger & Lorenzo Pozzi, 2023. "Cyclical consumption," Tinbergen Institute Discussion Papers 23-064/VI, Tinbergen Institute.
  84. Michael Wegener, 2014. "Heterogeneous expectations and debt in a growth model for a small open economy," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 37(1), pages 125-136, April.
  85. Griet Malengier & Lorenzo Pozzi, 2005. "Examining Ricardian Equivalence by estimating and bootstrapping a nonlinear dynamic panel model," Money Macro and Finance (MMF) Research Group Conference 2005 61, Money Macro and Finance Research Group.
  86. Bhatt, Vipul & Kishor, Kundan & Marfatia, Hardik, 2017. "Estimating excess sensitivity and habit persistence in consumption using Greenbook forecast as an instrument," MPRA Paper 79748, University Library of Munich, Germany.
  87. Sun, Xiaoqi & Liu, Xiaojia, 2020. "Decomposition analysis of debt’s impact on China’s energy consumption," Energy Policy, Elsevier, vol. 146(C).
  88. Nadja König & Ingrid Größl, 2014. "Catching up with the Joneses and Borrowing Constraints: An Agent-based Analysis of Household Debt," Macroeconomics and Finance Series 201404, University of Hamburg, Department of Socioeconomics.
  89. David M. Williams, 2010. "Consumption, wealth and credit liberalisation in Australia," Economics Series Working Papers 492, University of Oxford, Department of Economics.
  90. Tuomas, Malinen, 2011. "Inequality and savings: a reassesment of the relationship in cointegrated panels," MPRA Paper 33350, University Library of Munich, Germany.
  91. Ozbek, Levent & Ozlale, Umit, 2005. "Employing the extended Kalman filter in measuring the output gap," Journal of Economic Dynamics and Control, Elsevier, vol. 29(9), pages 1611-1622, September.
  92. Kutlu, Levent & Sickles, Robin C., 2012. "Estimation of market power in the presence of firm level inefficiencies," Journal of Econometrics, Elsevier, vol. 168(1), pages 141-155.
  93. Juan Luo & Bao-zhen Li, 2022. "Impact of Digital Financial Inclusion on Consumption Inequality in China," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 163(2), pages 529-553, September.
  94. Ostergaard, Charlotte, 2000. "External financing costs and banks' loan supply: does the structure of the bank sector matter," LSE Research Online Documents on Economics 119101, London School of Economics and Political Science, LSE Library.
  95. Brady, Ryan R., 2008. "Structural breaks and consumer credit: Is consumption smoothing finally a reality?," Journal of Macroeconomics, Elsevier, vol. 30(3), pages 1246-1268, September.
  96. Barrell, Ray & Byrne, Joseph P. & Dury, Karen, 2003. "The implications of diversity in consumption behaviour for the choice of monetary policy rules in Europe," Economic Modelling, Elsevier, vol. 20(2), pages 275-299, March.
  97. Taylor, Alan M, 2001. "Potential Pitfalls for the Purchasing-Power-Parity Puzzle? Sampling and Specification Biases in Mean-Reversion Tests of the Law of One Price," Econometrica, Econometric Society, vol. 69(2), pages 473-498, March.
  98. Henry, O. & Messinis, G. & Olekalns, N., 1999. "Rational Habit Modification: the Role of Credit," Department of Economics - Working Papers Series 729, The University of Melbourne.
  99. M S Mohanty & Gert Schnabel & Pablo Garcia-Luna, 2006. "Banks and aggregate credit: what is new?," BIS Papers chapters, in: Bank for International Settlements (ed.), The banking system in emerging economies: how much progress has been made?, volume 28, pages 11-39, Bank for International Settlements.
  100. G. Malengier & L. Pozzi, 2004. "Examining Ricardian Equivalence by estimating and bootstrapping a nonlinear dynamic panel model," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/274, Ghent University, Faculty of Economics and Business Administration.
  101. Joanne Cutler, 2004. "The Relationship between Consumption, Income and Wealth in Hong Kong," Macroeconomics 0403013, University Library of Munich, Germany.
  102. Kathleen W. Johnson & Geng Li, 2007. "Do high debt payments hinder household consumption smoothing?," Finance and Economics Discussion Series 2007-52, Board of Governors of the Federal Reserve System (U.S.).
  103. N. Kundan Kishor & Evan F. Koenig, 2014. "Credit Indicators as Predictors of Economic Activity: A Real‐Time VAR Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(2-3), pages 545-564, March.
  104. Vipul Bhatt & N. Kundan Kishor & Hardik Marfatia, 2020. "Estimating Excess Sensitivity and Habit Persistence in Consumption Using Greenbook Forecasts," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 82(2), pages 257-284, April.
  105. Clayton, Maya & Liñares-Zegarra, José & Wilson, John O.S., 2015. "Does debt affect health? Cross country evidence on the debt-health nexus," Social Science & Medicine, Elsevier, vol. 130(C), pages 51-58.
  106. Andrea Butelmann & Oscar Landerretche, 1998. "Evolution and Importance of the Consumption Credit in Chile," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 1(2), pages 005-018, December.
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